NEW YORK, Oct. 6, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against ReWalk Robotics Ltd. ("ReWalk" or the "Company") (NASDAQ: RWLK) and certain of its officers, on behalf of shareholders who purchased ReWalk securities pursuant to the Company's initial public offering ("IPO") on or around September 12, 2014.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
ReWalk is a medical commercial bionic walking assistance system. The company designs, develops, and commercializes exoskeletons for wheelchair-bound individuals.
According to the Complaint, around September 17, 2014, ReWalk announced the closing of its initial public offering ("IPO") which raised about $41.4 million and sold 3,450,000 of its common shares to the public. The IPO's registration statement said that the U.S. Food and Drug Administration ("FDA") had classified ReWalk as subject to special controls, which included compliance with medical device consensus standards, performance of a post-market surveillance clinical study demonstrating a reasonable assurance of safety and effectiveness in urban terrain, and a training program.
The complaint alleges, however, that the registration statement failed to disclose that ReWalk was unable to comply with the special controls and provide the FDA with a postmarket surveillance study of the ReWalk product. In September 2015, ReWalk was issued a Warning Letter from the FDA, defining ReWalk's significant failures to propose and begin an adequate post-market surveillance plan. On February 25, 2016, ReWalk disclosed receipt of the FDA's warning letter. Following this news, ReWalk's stock dropped $1.24 per share, or 10.64%, to close at $10.41 on February 25, 2016. Making matters worse, ReWalk had in fact previously received several letters from the FDA in which it notified the company that the company's postmarket surveillance submission lacked the information needed to complete the review. Then, On May 10, 2016, ReWalk exposed that at the time of the IPO, ReWalk was not able to comply with the FDA's special controls due to insufficient staffing.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/rwlk or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in ReWalk you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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