SAN DIEGO, July 15, 2024 (GLOBE NEWSWIRE) – Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of individuals and entities who purchased or otherwise acquired securities of SeaStar Medical Holding Corporation (NASDAQ: ICU, ICUCW) between October 31, 2022 and March 26, 2024. SeaStar was originally a special purpose acquisition company doing business as LMF Acquisition Opportunities, Inc. Legacy SeaStar was a medical technology company that developed extracorporeal therapies to reduce the consequences of excessive inflammation of vital organs. On October 28, 2022, the companies merged.
For further information please send a form, E-mail Attorney Aaron Dumas, Jr., or call us at (800) 350-6003.
The accusations: Robbins LLP investigates allegations that SeaStar Medical Holding Corporation (ICU) misled investors about its business prospects
The complaint alleges that during the Class Period, Defendants failed to disclose that: (i) SeaStar and/or Legacy SeaStar had deficient compliance controls and procedures with respect to the HDE Application; (ii) accordingly, the HDE Application was flawed, the FDA was unlikely to approve the HDE Application in its current form, and the approval prospects of the SCD were overstated; (iii) the Company downplayed the true extent and severity of the deficiencies in its financial controls and procedures and overstated Defendants’ efforts to correct them; (iv) accordingly, SeaStar failed to properly account for the classification of certain outstanding warrants and the Prepaid Forward Agreement; (v) as a result, SeaStar would likely restate one or more of its previously published financial statements; and (vi) accordingly, SeaStar’s post-merger business and financial prospects were overstated.
On May 9, 2023, SeaStar announced that it had received a letter from the FDA’s Center for Biologics Evaluation and Research denying the company’s HDE application for its pediatric Selective Cytopheretic Device for the treatment of hyperinflammation. Following this news, SeaStar’s stock price fell $0.77 per share, or nearly 40% per share, to close at $1.17 per share on May 10, 2023.
The plaintiff alleges that on March 27, 2024, SeaStar announced that it would restate its financial statements for the fiscal year ended December 31, 2022, and for the interim periods ended March 31, 2023, June 30, 2023, and September 30, 2023. As a result of this news, the company’s stock price fell again, closing at $0.71 per share on March 27, 2024.
What now: You may be eligible to participate in the SeaStar Medical Holding Corporation class action lawsuit. Shareholders who wish to serve as lead plaintiff for the class action lawsuit must file their motions with the Court by September 6, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for compensation. If you choose not to take action, you may remain an absent class member. For more information, click here Here.
Representation is on a contingency basis. Shareholders pay neither fees nor expenses.
About Robbins LLP: Some law firms issuing press releases on this matter do not litigate securities class actions; Robbins LLP does. As a recognized leader in shareholder litigation, the attorneys and staff of Robbins LLP Since 2002, we have been committed to helping shareholders recover losses, improve corporate governance, and hold corporate leaders accountable for wrongdoing. Since our founding, we have recovered over $1 billion for our shareholders.
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