STEVENSON, Md., Feb. 26, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of ReWalk Robotics Ltd. (Nasdaq:RWLK) (ReWalk or the “Company”) common stock issued in connection with ReWalk's initial public offering conducted on or about September 12, 2014 (the “IPO”). Investors who wish to become proactively involved in the litigation have until March 27, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in ReWalk’s IPO on or about September 12, 2014. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the Company’s initial public offering that ReWalk was unprepared and/or unable to comply with applicable “special controls” requirements or to provide the U.S. Food and Drug Administration (“FDA”) with a post-market surveillance study as required for the Company to maintain ongoing sales of its products.
According to the complaint, following a September 30, 2015 warning letter from the FDA outlining the failure to detail an adequate post-market surveillance plan, which was disclosed to the public by the FDA on February 25, 2016, the value of ReWalk shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in ReWalk’s September 12, 2014 IPO and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.