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Health
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6 hours ago
The plaintiffs in a securities class action against Ra Medical Systems Inc. and company officials filed a second amended complaint on Monday in the Southern District of California.
Lead plaintiffs and shareholders Ervin Derr and Peter Shoemaker and the class members are pursuing claims against medical device manufacturer Ra Medical and its top executives under the Securities Act of 1933 and the Securities Exchange Act of 1934, stemming from allegedly false representations Ra Medical made about its DABRA laser system and catheter that artificially inflated its stock price.
The alleged falsehoods began in March 2019 when Ra Medical disclosed some manufacturing problems with its product but then claimed that the company had resolved the issues. It was not until August 2019 when Ra Medical “was forced to disclose the real manufacturing issues and to acknowledge that they had not been resolved.” At this time, Dean Irwin, a defendant in the lawsu