Processing your request


please wait...

Case Page

 

Case Status:    ONGOING    
On or around 02/26/2020 (Date of last review)

Filing Date: September 24, 2019

According to the Complaint, Restoration Robotics is a medical technology company developing and commercializing, the ARTAS System, a robotic device that assists physicians in performing many of the repetitive tasks that are a part of a follicular unit extraction surgery, a type of hair restoration procedure.

This is a class action brought by Plaintiff on behalf of himself and the public stockholders of Restoration Robotics, Inc. against Restoration Robotics and the members of its Board of Directors for their violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and to enjoin the vote on a stock issuance in connection with a proposed transaction, pursuant to which Radiant Merger Sub, Ltd., a direct, wholly-owned subsidiary of Restoration Robotics, will merge with and into Venus Concept Ltd (“Venus”), with Venus continuing as the surviving corporation and a direct wholly-owned subsidiary of Restoration Robotics.

On March 15, 2019, Restoration Robotics and Venus issued a joint press release announcing they had entered into an Agreement and Plan of Merger and Reorganization dated March 15, 2019 to combine the companies in an all-stock transaction, whereby, each ordinary share of Venus and each preferred share of Venus will be converted into the right to receive 8.6506 shares of Restoration Robotics common stock, subject to adjustment. Restoration Robotics and Venus Concept shareholders will own approximately 15% and 85% of the combined company, respectively, on a fully diluted basis, without giving effect to the shares issued in the proposed equity financing that is expected to close immediately after the merger.

On September 10, 2019, Defendants filed a proxy statement/prospectus on Form 424B3 with the SEC. The Complaint alleges that the Proxy Statement, which recommends that Restoration Robotics stockholders vote in favor of the Stock Issuance, omits or misrepresents material information concerning, among other things: (i) Restoration Robotics’ and Venus’ financial projections, relied upon by the Company’s financial advisor in its financial analyses; (ii) the valuation analyses performed by Restoration Robotics’ financial advisor regarding the Proposed Transaction; and (iii) potential conflicts of interest faced by Company insiders and the Company's financial advisor.

This case was voluntarily dismissed on November 6, 2019. A related case continues in the District of Delaware.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HAIR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 19-CV-06004
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 09/24/2019
CLASS PERIOD START: 03/15/2019
CLASS PERIOD END: 09/24/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. WeissLaw LLP (Beverly Hills)
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 19-CV-02237
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 12/06/2019
CLASS PERIOD START: 03/15/2019
CLASS PERIOD END: 12/06/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cooch and Taylor, P.A. (Wilmington)
  2. Monteverde & Associates PC (Empire St. Bldg)
No Document Title Filing Date
—Related District Court Filings Data is not available