Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ra Medical Systems, Inc.
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 9, 2019deadline to file a lead plaintiff motion in the class action filed on behalf of Ra Medical Systems, Inc. (“Ra Medical” or the “Company”) (NYSE: RMED) investors who purchased securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2018 initial public offering (“IPO” or the “Offering”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
In September 2018, Ra Medical completed its initial public offering (“IPO”), issuing approximately 4.5 million shares of common stock priced at $17 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, the Company’s share price fell $2.14 per share, nearly 33%, to close at $4.43 per share on March 15, 2019, thereby injuring investors. Since the IPO, Ra Medical’s stock has traded as low as $3.40 per share, significantly below the $17 offering price.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s evaluation of sales personnel candidates was inadequate; (2) that the Company’s training program for sales personnel was inadequate; (3) that, as a result, the Company could not reasonably assure that its newly hired sales personnel were adequately experienced; (4) that, as a result, the Company would suffer a shortage of qualified sales personnel; (5) that the Company’s manufacturing process could not reasonably support increased catheter production; (6) that, as a result, the Company would suffer production delays; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Ra Medical securities during the Class Period you may move the Court no later than August 9, 2019to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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