Class Action Lawsuit Filed Against Seastar Medical Holding Corp.Class Action Lawsuit Filed Against Seastar Medical Holding Corp. New York City, NY (July 17, 2024) – Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed against Seastar Medical Holding Corp. (NASDAQ: ICU, ICUCW) on behalf of investors who purchased or acquired Seastar securities between October 31, 2022, and March 26, 2024. Allegations The lawsuit alleges that Seastar and certain officers made false and misleading statements about the company’s business operations, compliance policies, and financial controls. Specifically, the allegations include: * Deficient compliance controls related to the Humanitarian Device Exemption (HDE) application * Misrepresentation of the regulatory prospects of the selective cytopheretic device * Underreporting of financial control deficiencies * Classification errors in outstanding warrants and the Prepaid Forward Agreement * Likelihood of restating financial statements Class Definition The class action seeks to recover damages for investors who purchased or acquired Seastar securities during the Class Period. Eligible investors are encouraged to join the case by visiting www.bgandg.com/ICU. Next Steps A class action lawsuit has been filed, and investors have until September 3, 2024, to ask the court to appoint them as lead plaintiff. The ability to share in any recovery does not require serving as the lead plaintiff. Legal Representation Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative lawsuits. The firm has a proven track record of recovering hundreds of millions of dollars for investors. Contact Information Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Nathan Miller 332-239-2660 [email protected] Disclaimer This announcement is an advertisement from a lawyer. Previous results do not guarantee similar outcomes.
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
