NEW YORK–(BUSINESS WIRE)–$RMED #classaction–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Southern District of California on
behalf of those who acquired Ra Medical Systems, Inc. (“Ra Medical” or
the “Company”) (NYSE: RMED)
securities pursuant and/or traceable to its September 2018 Initial
Public Offering (“IPO”). Investors have until August 9, 2019 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Ra Medical’s Registration Statement failed to
disclose to investors that: (i) the Company’s evaluation of sales
personnel candidates and subsequent training program for sales personnel
were inadequate; (ii) as a result, the Company could not reasonably
assure that its newly hired sales personnel were adequately experienced;
(iii) as a result, the Company would suffer a shortage of qualified
sales personnel; (iv) the Company’s manufacturing process could not
reasonably support increased catheter production; and (v) as a result,
the Company would suffer production delays.
In September 2018, Ra Medical completed its IPO, issuing approximately
4.5 million shares of common stock priced at $17.00 per share. On March
14, 2019, the Company revealed that its fourth quarter 2018 financial
results had been negatively impacted by issues related to the hiring and
training of qualified sales personnel and certain production
limitations. On this news, Ra Medical’s stock price fell $2.14 per
share, approximately 32.6%, to close at $4.43 per share on March 15,
2019. As of the filing of this lawsuit, Ra Medical’s shares were trading
as low as $3.30 per share.
If you acquired Ra Medical securities during the Class Period, have
information, or would like to learn more about these claims, please
W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.