According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- SeaStar and/or Legacy SeaStar had deficient compliance controls and procedures related to the Humanitarian Device Exemption (“HDE”) Application;
- accordingly, there were deficiencies with the HDE Application, the FDA was unlikely to approve the HDE Application in its present form, and the Selective Cytopheretic Device’s (“SCD”) regulatory prospects were overstated;
- SeaStar had downplayed the true scope and severity of deficiencies in its financial controls and procedures, while overstating defendants’ efforts to remediate the same;
- accordingly, SeaStar had failed to properly account for the classification of certain outstanding warrants and the Prepaid Forward Agreement;
- as a result, SeaStar was likely to restate one or more of its previously issued financial statements;
- accordingly, SeaStar’s post-Merger business and financial prospects were overstated; and
- as a result, SeaStar’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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