WASHINGTON--(BUSINESS WIRE)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether ReWalk Robotics Ltd. (“ReWalk Robotics” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 or committed violations of Sections 11, 12 and 15 of the Securities Act of 1933.
Class action lawsuits were filed in the U.S. District Courts for the Northern District of California and the District of Massachusetts by other law firms on behalf of purchasers of the common stock of ReWalk Robotics (NASDAQ: RWLK) pursuant or traceable to the Company’s September 12, 2014 initial public offering, in which the Company raised $41.4 million.
ReWalk is a medical device company that designs, develops and markets wearable robotic exoskeletons for people with spinal cord injuries. The complaints allege that ReWalk Robotics and certain of its officers and directors (“Defendants”) caused ReWalk to issue in connection with its IPO a Registration Statement and Prospectus ("Registration Statement") that contained materially misleading statements and/or omitted material information, including failing to disclose that ReWalk was unprepared or unable to comply with postmarket regulatory requirements set forth by the United States Food and Drug Administration ("FDA") in order to maintain ongoing sales of its exoskeleton device.
On or about February 25, 2016, the FDA posted a copy of a warning letter sent to ReWalk to its website. According to the warning letter, the FDA ordered ReWalk, on June 26, 2014, to conduct a postmarket surveillance (“PS”) study of the company’s exoskeleton device in accordance with section 522 of the Federal Food, Drug and Cosmetic Act. The letter then recounted more than a year of delays and missed deadlines on ReWalk’s part leading to the warning letter for ReWalk’s “substantial lack of progress towards commencement of the 522 PS study required under the 522 Order.” The price of ReWalk shares fell from $11.65 on February 24, 2016 to $10.41 on February 25, 2016.
Cohen Milstein encourages all investors who purchased ReWalk Robotics common stock pursuant or traceable to the IPO and/or on the open market between February 27, 2015 and February 25, 2016; or former employees with information concerning this matter to contact the firm.
If you are a ReWalk shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Northern District of California Court no later than March 25, 2017, and the District of Massachusetts Court no later than April 4, 2017, to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Ryan Marchbank
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
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