INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Ra Medical Systems, Inc.
June 10 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of California on behalf of those who acquired Ra
Medical Systems, Inc. (“Ra Medical” or the “Company”) (NYSE: RMED)
securities pursuant and/or traceable to its September 2018 Initial
Public Offering (“IPO”). Investors have until August 9, 2019 to
apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that Ra Medical’s Registration Statement
failed to disclose to investors that: (i) the Company’s evaluation
of sales personnel candidates and subsequent training program for
sales personnel were inadequate; (ii) as a result, the Company
could not reasonably assure that its newly hired sales personnel
were adequately experienced; (iii) as a result, the Company would
suffer a shortage of qualified sales personnel; (iv) the Company’s
manufacturing process could not reasonably support increased
catheter production; and (v) as a result, the Company would suffer
production delays.
In September 2018, Ra Medical completed its IPO, issuing
approximately 4.5 million shares of common stock priced at $17.00
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, Ra
Medical’s stock price fell $2.14 per share, approximately 32.6%, to
close at $4.43 per share on March 15, 2019. As of the filing of
this lawsuit, Ra Medical’s shares were trading as low as $3.30 per
share.
If you acquired Ra Medical securities during the Class Period,
have information, or would like to learn more about these claims,
please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600,
by email at investigations@kmllp.com, or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190610005808/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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