Class Action Lawsuit Filed Against Seastar Medical Holding Corp.Class Action Lawsuit Filed Against Seastar Medical Holding Corp. Background: * Law firm Bronstein, Gewirtz & Grossman, LLC has filed a class action lawsuit against Seastar Medical Holding Corp. (ICU) and certain of its officers. * The lawsuit alleges violations of federal securities laws during the period October 31, 2022 to March 26, 2024. Class Definition: * The lawsuit seeks to represent all individuals and entities who purchased or acquired Seastar securities during the Class Period. Allegations: * Defendants made false and misleading statements and failed to disclose material adverse information regarding the company’s business, operations, and compliance policies. * Seastar had deficient compliance controls and procedures related to its Humanitarian Device Exemption (HDE) application. * The HDE application contained deficiencies, and the FDA was unlikely to approve it in its current form. * Seastar downplayed the extent of deficiencies in its financial controls and procedures. * As a result, Seastar failed to properly account for certain outstanding warrants and the Prepaid Forward Agreement. * The company’s financial prospects following the merger were overstated. Next Steps: * If you are a Class member, you can join the lawsuit by visiting the law firm’s website. * You have until September 3, 2024 to ask the court to appoint you as lead plaintiff. Costs: * The law firm represents investors on a contingency fee basis, meaning it will only receive compensation if the lawsuit is successful. About the Law Firm: * Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm representing investors in securities fraud class actions and shareholder derivative lawsuits. Contact Information: * Bronstein, Gewirtz & Grossman, LLC * Peretz Bronstein or Nathan Miller * 332-239-2660 * (e-mail address)
NEW YORK CITY, NY / ACCESSWIRE / July 17, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, informs investors that a class action lawsuit has been filed against Seastar Medical Holding Corp. (“Seastar” or the “Company”) (NASDAQ:ICU)(NASDAQ:ICUCW) and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Seastar securities between October 31, 2022 and March 26, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s website at www.bgandg.com/ICU.
Case details
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding the Company’s business, operations and compliance policies, including allegations that: (1) SeaStar and/or Legacy SeaStar had deficient compliance controls and procedures with respect to the Humanitarian Device Exemption (“HDE”) application; (2) accordingly, there were deficiencies in the HDE application, the FDA was unlikely to approve the HDE application in its current form and the regulatory prospects of the selective cytopheretic device were overstated; (3) SeaStar downplayed the true extent and severity of the deficiencies in its financial controls and procedures while overstating Defendants’ efforts to remedy them; (4) accordingly, SeaStar failed to properly account for the classification of certain outstanding warrants and the Prepaid Forward Agreement; (5) as a result, it was likely that SeaStar would restate one or more of its previously issued financial statements; and (6) accordingly, SeaStar’s business and financial prospects following the merger were overstated.
What’s next?
A class action lawsuit has already been filed. To view a copy of the complaint, visit the firm’s website at www.bgandg.com/ICU or contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Seastar, you have until September 3, 2024 to ask the court to appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as lead plaintiff.
It costs you nothing
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket costs and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm representing investors in securities fraud class actions and shareholder derivative lawsuits. Our firm has recovered hundreds of millions of dollars for investors across the country.
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | (e-mail address)
SOURCE: Bronstein, Gewirtz & Grossman, LLC
