NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Restoration Robotics (“Restoration” or the “Company”) (NASDAQ:HAIR) of the August 21, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Restoration Robotics common stock or options on or around October 12, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/HAIR. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Restoration common stock pursuant or traceable to the Company’s Initial Public Offering (the “IPO” or “Offering”) that commenced on October 12, 2017 and closed on October 16, 2017. The case, Guerrini v. Restoration Robotics, Inc. et al., No. 18-cv-03712 was filed on June 21, 2018, and has been assigned to Judge Edward John Davila.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and misleading claims in its Registration Statement regarding: (1) the timeliness with which the most recent version of its premier product, the ARTAS System, would become commercially viable following FDA approval; (2) the ability of its U.S. salesforce to effectively grow the Company’s American business; (3) the Company’s liquidity position; and (4) the extent to which the Company’s business strategy would focus on its international markets.
Specifically, on March 20, 2018, the Company announced its receipt of FDA 510(k) clearance of the implantation function of the ARTAS System and announced that it intended to launch the ARTAS System’s new implantation functionality by year-end, which was later than previously anticipated.
Then, on May 14, 2018, during an earnings call, the Company declared it expected some “level of softness” in U.S. markets as it further optimized and expanded its sales team. In the same call, the Company also announced a “pivot to a more U.S. centric strategy.”
On this news, the price of Restoration’s common stock fell from $4.30 per share on May 14, 2018 to $3.68 per share on May 15, 2018—a $.62 or 16.85% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Restoration Robotics, Inc.’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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