SEASTAR ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against SeaStar Medical Holding Corporation and Encourages Investors to Contact the Firm

Core Viewpoint - A class action lawsuit has been filed against SeaStar Medical Holding Corporation for allegedly making false and misleading statements regarding its business and compliance policies during the class period from October 31, 2022, to March 26, 2024 [1][7]. Company Overview - SeaStar Medical initially operated as a special purpose acquisition company (SPAC) named LMF Acquisition Opportunities, Inc. before merging with Legacy SeaStar Medical, Inc. [2][3]. - The merger was completed on October 28, 2022, resulting in the formation of SeaStar Medical Holding Corporation, which began trading on the Nasdaq under the ticker symbols "ICU" and "ICUCW" [6]. Merger and Business Prospects - The merger was announced on April 22, 2022, with an enterprise value of approximately $85 million attributed to Legacy SeaStar, which focuses on developing therapies to reduce inflammation in vital organs [4]. - Legacy SeaStar's Selective Cytopheretic Device (SCD) was highlighted for its potential in treating pediatric acute kidney injury (AKI), with plans to submit an application for FDA approval under the Humanitarian Device Exemption [4][5]. Allegations and Compliance Issues - The lawsuit alleges that SeaStar and Legacy SeaStar had deficient compliance controls related to the HDE application, leading to overstated regulatory prospects for the SCD [7][8]. - It is claimed that the company downplayed deficiencies in its financial controls and failed to properly account for certain financial instruments, which may result in the need to restate financial statements [8][10]. Stock Performance and Market Reaction - Following the announcement of the FDA's rejection of the HDE application on May 9, 2023, SeaStar's stock price fell by 39.69%, closing at $1.17 per share [9]. - On March 27, 2024, the company announced it would restate its financial statements, leading to a further decline in stock price by 4.84%, closing at approximately $0.71 per share [10].