Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against SeaStar Medical Holding Corporation (ICU)

Core Viewpoint - SeaStar Medical Holding Corporation is facing legal challenges due to alleged misleading statements and deficiencies in compliance related to its Humanitarian Device Exemption application, leading to significant stock price declines and potential financial restatements [5][9]. Group 1: Legal and Financial Implications - A class action lawsuit has been filed on behalf of investors who purchased SeaStar securities between October 31, 2022, and March 26, 2024, with a deadline of September 6, 2024, to file a lead plaintiff motion [4]. - SeaStar's stock price fell by $0.04, or 4.8%, closing at $0.71 per share on March 27, 2024, following the announcement of the need to restate financial statements [2]. - The company announced on March 27, 2024, that it would restate financial statements for fiscal year 2022 and the first three quarters of fiscal year 2023 due to complex financial instruments requiring different accounting treatment [5]. Group 2: Regulatory Challenges - On May 9, 2023, SeaStar disclosed that the FDA rejected its Humanitarian Device Exemption application for its pediatric Selective Cytopheretic Device, citing that the application was not approvable in its current form [8]. - The complaint alleges that SeaStar had deficient compliance controls related to the HDE application and that the FDA was unlikely to approve it in its present form, which was not disclosed to investors [9]. Group 3: Stock Performance - Following the FDA rejection news, SeaStar's stock price dropped by $0.77, or 39.7%, closing at $1.17 per share on May 10, 2023, indicating significant investor injury [11].