BENSALEM, Pa.–(BUSINESS WIRE)–$RMED #classaction–First paragraph, second sentence of release dated June 10, 2019 should
read: Ra Medical investors have until August 9, 2019 to file a
lead plaintiff motion. (instead of: Ra Medical investors have until
August 6, 2019 to file a lead plaintiff motion.)
The corrected release reads:
INVESTOR ALERT: LAW OFFICES OF HOWARD G. SMITH ANNOUNCES THE FILING
OF A SECURITIES CLASS ACTION ON BEHALF OF RA MEDICAL SYSTEMS,
INC. INVESTORS (RMED)
Law Offices of Howard G. Smith announces that a class action lawsuit has
been 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”). Ra Medical investors have until August 9,
2019 to file a lead plaintiff motion.
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, have information, would like to
learn more about these claims, or 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.