LOS ANGELES, Aug. 19, 2024 /PRNewswire/ — The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against SeaStar Medical Holding Corporation (“SeaStar” or the “Company”) (NASDAQ: ICU).
Class Period: October 31, 2022 – March 26, 2024
Lead Plaintiff Deadline: September 6, 2024
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) SeaStar and/or Legacy SeaStar had deficient compliance controls and procedures related to the HDE Application; (2) accordingly, there were deficiencies with the HDE Application, the FDA was unlikely to approve the HDE Application in its present form, and the SCD’s regulatory prospects were overstated; (3) the Company had downplayed the true scope and severity of deficiencies in its financial controls and procedures, while overstating Defendants’ efforts to remediate the same; (4) accordingly, SeaStar had failed to properly account for the classification of certain outstanding warrants and the Prepaid Forward Agreement; (5) as a result, SeaStar was likely to restate one or more of its previously issued financial statements; (6) accordingly, SeaStar’s post-Merger business and financial prospects were overstated; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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SOURCE The Law Offices of Frank R. Cruz, Los Angeles
