RA MEDICAL SYSTEMS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for Southern District of California against Ra Medical Systems, Inc.

Jun 12, 2019

Legal Newswire POWERED BY LAW.COM

NEW YORK  -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States 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 26, 2018 Initial Public Offering (“IPO”).


Investors who purchased the shares of Ra Medical Systems, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.


If you have incurred losses in the shares of Ra Medical Systems, Inc., you may, no later than August 9, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Ra Medical Systems, Inc.


## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##


The lawsuit alleges that Ra Medical’s Registration Statement failed to disclose to investors that:



  • the Company’s evaluation of sales personnel candidates and subsequent training program for sales personnel were inadequate; 
     

  • as a result, the Company could not reasonably assure that its newly hired sales personnel were adequately experienced; 
     

  • as a result, the Company would suffer a shortage of qualified sales personnel; 
     

  • the Company’s manufacturing process could not reasonably support increased catheter production; and
     

  • as a result, the Company would suffer production delays.


On September 26, 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. Ra Medical’s shares have traded as low as $3.25 per share subsequent to the September 2018 IPO.


Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.


If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

URL : http://www.whafh.com

Contact Information:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774


Tags: Wire, Legal Newswire, United States, English

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.