BENSALEM, Pa.–(BUSINESS WIRE)–$RMED #classaction–Law Offices of Howard G. Smith reminds investors of the upcoming August
9, 2019 deadline to file a lead plaintiff motion in the class
action filed on behalf of investors who purchased Ra Medical Systems,
Inc. (“Ra Medical” or the “Company”) (NYSE: RMED)
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”).
Investors suffering losses on their Ra Medical investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 shares of Ra Medical during the Class Period you may
move the Court no later than August 9, 2019 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. 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
these matters, please contact Howard G. Smith, Esquire, of Law Offices
of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
