The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ra Medical Systems, Inc. (NYSE: RMED) who purchased shares pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s September 2018 initial public offering. The action, which was filed in the United States District Court for the Southern District of California, alleges that the Company violated federal securities laws.
In particular, the Ra Medical lawsuit alleges that (1) the Company’s evaluation of sales personnel candidates was inadequate; (2) the Company’s training program for sales personnel was inadequate; (3) as a result, the Company could not reasonably assure that its newly hired sales personnel were adequately experienced; (4) as a result, the Company would suffer a shortage of qualified sales personnel; (5) the Company’s manufacturing process could not reasonably support increased catheter production; (6) as a result, the Company would suffer production delays; and (7) 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.
Shareholders have until August 6, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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