SeaStar Medical(US:ICU) Prnewswireยท2024-08-07 15:20Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against SeaStar Medical Holding Corporation due to allegations of violations of federal securities laws, with a deadline for investors to seek lead plaintiff status in a class action lawsuit by September 6, 2024 [2][3]. Group 1: Allegations Against SeaStar - The complaint alleges that SeaStar and its executives made false and misleading statements regarding compliance controls related to the HDE Application, leading to overstated regulatory prospects [3]. - It is claimed that SeaStar downplayed deficiencies in its financial controls and overstated efforts to remediate these issues, which may result in the need to restate previously issued financial statements [3]. - The allegations suggest that SeaStar's public statements were materially false and misleading at all relevant times, impacting investor trust and stock performance [3]. Group 2: Financial Restatement Announcement - On March 27, 2024, SeaStar announced it would restate its financial statements for the fiscal year ended December 31, 2022, and interim periods ended March 31, 2023, June 30, 2023, and September 30, 2023 [4]. - The restatement is related to the accounting treatment of certain outstanding warrants and a prepaid forward purchase arrangement, with the CEO stating it would not materially impact business operations or cash position [4]. - Following the announcement, SeaStar's stock price fell by $0.04 per share, or 5.41%, closing at $0.70 per share [4].