LOS ANGELES–(BUSINESS WIRE)–$RMED #CLASSACTION—Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August
9, 2019 deadline 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
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.
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If you purchased or otherwise acquired Ra Medical securities during the
Class Period you may move the Court no later than August 9, 2019 to
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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jurisdictions under the applicable law and ethical rules.