SeaStar Medical(US:ICU) Prnewswire·2024-08-19 09:45Core Viewpoint - SeaStar Medical Holding Corporation is facing allegations of issuing materially false and misleading statements regarding its compliance controls and financial reporting, which may lead to a restatement of financial statements and an overstatement of its business prospects [1]. Group 1: Allegations - The complaint alleges that SeaStar and/or Legacy SeaStar had deficient compliance controls related to the Humanitarian Device Exemption (HDE) Application [1] - It is claimed that the FDA was unlikely to approve the HDE Application in its current form, and the regulatory prospects of the selective cytopheretic device were overstated [1] - The company allegedly downplayed the severity of deficiencies in its financial controls while overstating efforts to remediate these issues [1] - SeaStar is said to have failed to properly account for the classification of certain outstanding warrants and a prepaid forward agreement [1] - As a result, SeaStar is likely to restate one or more previously issued financial statements [1] - The company's public statements were materially false and misleading throughout the relevant period [1] Group 2: Class Action Details - Shareholders who purchased shares of SeaStar during the class period from October 31, 2022, to March 26, 2024, are encouraged to contact the Gross Law Firm regarding possible lead plaintiff appointment [1] - The deadline for shareholders to register for the class action is September 6, 2024, and there is no cost or obligation to participate [2] - Registered shareholders will be enrolled in a portfolio monitoring software to receive status updates throughout the lifecycle of the case [2]