SAN DIEGO & CARLSBAD, Calif.–(BUSINESS WIRE)–$RMED #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Ra Medical Systems, Inc.
(NYSE: RMED) filed a class action complaint against the company for
alleged violations of the Securities and Exchange Act of 1933 pursuant
to its September 2018 initial public offering (“IPO”). Ra Medical
Systems is a commercial-stage medical device company.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/ra-medical-systems-inc/
Ra Medical Systems Misled Shareholders
According to the complaint, in September 2018, Ra Medical held its IPO
and received approximately $67.6 million in proceeds. The proceeds from
the IPO were purportedly to be used for expansion of its direct sales
force and marketing of its products; clinical studies for new products
and product enhancements; and other research and development activities,
working capital, and general corporate purposes. However, in March 2019,
Ra Medical revealed that its financial results were negatively impacted
by issues related to the hiring and training of qualified sales
personnel as well as production limitations. On this news, Ra Medical’s
stock fell over 30% to close at $4.43 per share on March 15, 2019. As of
June 11, 2019, Ra Medical was trading at $3.09, an over 80% decline from
its IPO price.
Ra Medical Systems Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
