According to the Complaint, Ra Medical Systems, Inc. is a medical device company that purports to use its excimer laser-based platform for treatment of vascular and dermatological immune-mediated inflammatory diseases.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company’s evaluation of sales personnel candidates was inadequate; (2) that the Company’s training program for sales personnel was inadequate; (3) that, as a result, the Company could not reasonably assure that its newly hired sales personnel were adequately experienced; (4) that, as a result, the Company would suffer a shortage of qualified sales personnel; (5) that the Company’s manufacturing process could not reasonably support increased catheter production; (6) that, as a result, the Company would suffer production delays; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On September 5, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on January 13, 2020. On March 11, Lead Plaintiffs voluntarily dismissed their claims against the Underwriter Defendants. Defendants filed Motions to Dismiss the amended Complaint on March 13. On March 24, 2021, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss. Lead Plaintiffs filed a second amended Complaint on April 19.

On November 12, 2021, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on February 10, 2022. On September 23, the Court issued an Order granting final approval of the Settlement, including an award of Attorneys' Fees and Expenses.

On April 3, 2024, the Court issued an Order approving distribution of the Settlement fund.