SAN DIEGO, Sept. 27, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in for certain investors in ReWalk Robotics Ltd (NASDAQ:RWLK) over alleged Securities Laws violations by ReWalk Robotics Ltd in connection the company’s September 12, 2014 initial public offering.
Investors who purchased shares of ReWalk Robotics Ltd (NASDAQ:RWLK) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges on behalf of the investors, who purchased ReWalk Robotics Ltd (NASDAQ:RWLK) common shares pursuant or traceable to its initial public offering ("IPO") on September 12, 2014, that the defendants violated the Securities Act of 1933.
The plaintiff claims that the company’s registration statement for its September 12, 2014 IPO contained untrue statements of material facts, omitted to state other facts necessary to make the statements made not misleading and/or was not prepared in accordance with the rules and regulations governing its preparation.
More specifically, the plaintiff alleges that the company’s registration statement for its September 12, 2014 IPO failed to disclose that despite the regulatory requirements to comply with “special controls” and provide the FDA with a postmarket surveillance study of ReWalk Robotics ReWalk product, the company was woefully unprepared and/or unable to do so.
The plaintiff claims that at a minimum, ReWalk Robotics Ltd should have disclosed in the registration statement for its September 12, 2014 IPO that its own internal clinical and regulatory resources were then insufficient to enable the company to comply with the FDA’s postmarket surveillance requirements and that the registration statement should have disclosed that to cure this deficiency, it was incumbent on the Company to hire or contract for a larger number of skilled employees to enable ReWalk Robotics Ltd to plan, undertake, and timely complete an adequate postmarket surveillance study that would satisfy FDA standards.
Shares of ReWalk Robotics Ltd (NASDAQ:RWLK) declined from as high as $43.71 per share on September 15, 2014 to as low as $5.55 per share on December 11, 2015.
Those who purchased ReWalk Robotics Ltd (NASDAQ:RWLK) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.