NEW YORK, Oct. 4, 2019 /PRNewswire/ -- WeissLaw LLP, a
national class action and shareholders' rights law firm with
offices in New York, Los Angeles and Atlanta, announces an investigation of Ra
Medical Systems, Inc. (NYSE: RMED) ("RMED," or the "Company").
If you own RMED shares and wish to discuss
this investigation or have any questions concerning this notice or
your rights or interests, visit our website:
http://www.weisslawllp.com/ra-medical-systems-inc/
Or please contact:
Joshua Rubin,
Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
The investigation focuses on possible breaches of fiduciary duty
and violations of federal securities laws by the RMED Board of
Directors for the alleged dissemination of a materially false
and/or misleading Registration and Proxy Statement in connection
with its September 2018 initial
public offering ("IPO"). Notably, on March 14, 2019, the Company reported revenue of
approximately $2 million for the
fourth quarter of 2018, missing its projections by $710,000, or 35%. On that news, RMED's
share price plummeted from the previous trading day's price of
$6.53 to trade as low as $3.76 on March 15. The share price
continued its slide so that, merely a little more than a year after
the Company's IPO, on October 3,
2019, RMED shares closed at $1.14, down approximately 94% from its
$17.00 IPO price.
WeissLaw is investigating whether RMED's Board breached its
fiduciary duties to the Company and its shareholders by
misrepresenting and/or failing to disclose material information
about the Company and its operations. Namely, that RMED: (i)
did not have an adequately trained and qualified sales staff; (ii)
could not reasonably support increases in its catheter production;
and (iii) as a result, suffered delays and losses. If you
wish to discuss this investigation or have any questions concerning
this notice or your rights or interests, please contact
Joshua Rubin of WeissLaw LLP at
(888)593-4771, or by e-mail at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients.
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SOURCE WeissLaw LLP