LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Surmodics, Inc. (“Surmodics” or “the Company”) (NASDAQ: SRDX) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Surmodics announced on January 19, 2023, that it had received a letter from the FDA related to its premarket approval (PMA) application for the SurVeil™ drug-coated balloon (DCB). The FDA indicated that the PMA could not be approved in its present form. The agency’s letter stated that the Company must add information on biocompatibility and labeling via an amendment, among other items. In response to the FDA letter, the Company stated, “We are evaluating the issues raised in the FDA’s letter and plan to meet with Agency representatives regarding its contents. Based on our discussion with the Agency, our team and external advisors will determine the appropriate path forward. Concurrently, we will be evaluating options to reduce our use of cash given this development.” Based on this news, shares of Surmodics fell by more than 28.3% on the same day.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.