CORRECTING and REPLACING Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Ra Medical Systems, Inc. Investors (RMED)

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Jun 12, 2019 05:55 pm
LOS ANGELES -- 

Second paragraph, first sentence of the release dated June 10, 2019 should read: Investors are hereby notified that they have until August 9, 2019 to move the Court to serve as lead plaintiff in this action. (instead of: Investors are hereby notified that they have until August 6, 2019 to move the Court to serve as lead plaintiff in this action.)

Eighth paragraph, first sentence of the release should read: If you purchased Ra Medical securities during the Class Period, you may move the Court no later than August 9, 2019 to ask the Court to appoint you as lead plaintiff. (instead of: If you purchased Ra Medical securities during the Class Period, you may move the Court no later than August 6, 2019 to ask the Court to appoint you as lead plaintiff.)

The corrected release reads:

GLANCY PRONGAY & MURRAY LLP FILES SECURITIES CLASS ACTION ON BEHALF OF RA MEDICAL SYSTEMS, INC. INVESTORS (RMED)

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of California, captioned Derr v. Ra Medical Systems, Inc. et al., on behalf of persons and entities that purchased or otherwise acquired Ra Medical Systems, Inc. (NYSE: RMED) (“Ra Medical” or the “Company”) 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”). Plaintiff pursues claims against the Defendants, under the Securities Act of 1933 (the “Securities Act”).

Investors are hereby notified that they have until August 9, 2019 to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Ra Medical securities during the Class Period, you may move the Court no later than August 9, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. 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, 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 shareholders@glancylaw.com, 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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com

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