Case 3:19-cv-01079-LAB-AHG Document 53 Filed 04/19/21 PageID.2425 Page 1 of 115
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`
`Robert V. Prongay (SBN 270796)
`Pavithra Rajesh (SBN 323055)
`GLANCY PRONGAY & MURRAY LLP
`1925 Century Park East, Suite 2100
`Los Angeles, California 90067
`Telephone:(310) 201-9150
`Facsimile: (310) 201-9160
`Email:
`rprongay@glancylaw.com
`
`prajesh@glancylaw.com
`
`Attorneys for Lead Plaintiffs Ervin Derr
`and Peter Shoemaker
`
`[Additional Counsel on Signature Page]
`
`UNITED STATES DISTRICT COURT
`SOUTHERN DISTRICT OF CALIFORNIA
`
`
`Case No. 3:19-cv-01079-LAB-AHG
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`SECOND AMENDED COMPLAINT
`
`The Hon. Larry Alan Burns
`
`ERVIN DERR, and PETER
`SHOEMAKER, Individually and on
`Behalf of All Others Similarly Situated,
`
`Plaintiff,
`
`v.
`
`RA MEDICAL SYSTEMS, INC.,
`DEAN IRWIN, ANDREW JACKSON,
`MELISSA BURSTEIN, MARTIN
`BURSTEIN, RICHARD HEYMANN,
`MAURICE BUCHBINDER, MARTIN
`COLOMBATTO, RICHARD MEJIA,
`JR., MARK E. SAAD, and WILLIAM
`ENQUIST, JR.,
`
`Defendants.
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`TABLE OF CONTENTS
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`INTRODUCTION ............................................................................................. 1
`
`I.
`II. JURISDICTION AND VENUE ........................................................................ 6
`III. PARTIES ........................................................................................................... 6
`IV. PLAINTIFFS PURCHASED RA MEDICAL SHARES PURSUANT OR
`TRACEABLE TO THE REGISTRATION STATEMENT ........................... 11
`V. CLASS ACTION ALLEGATIONS ................................................................ 13
`VI. BACKGROUND ............................................................................................. 14
`A.
`Company Overview .............................................................................. 14
`B.
`Ra Medical Must Comply With Strict FDA Regulations ..................... 15
`1.
`FDA Limits The Intended Use Of DABRA To Treat Certain
`Forms Of PAD ............................................................................ 16
`Ra Medical Can Only Market DABRA For Its Intended Use .... 16
`If Ra Medical Initiates Any Correction Or Recall Of DABRA, It
`Must Notify The FDA ................................................................ 17
`Ra Medical Must Notify The FDA If DABRA Malfunctions .... 17
`4.
`C. Unbeknownst To Investors, The FDA Warned Ra Medical Prior To
`The IPO That The Company Was Improperly Engaging In Off-Label
`Marketing .............................................................................................. 18
`Before The IPO, Ra Medical Denied Allegations Of Off-Label
`Marketing In Connection With A Dispute With Strata Skin Sciences,
`Inc. ......................................................................................................... 20
`VII. SUMMARY OF DEFENDANTS’ VIOLATIONS OF THE SECURITIES
`ACT ................................................................................................................. 23
`A.
`The Company Completed The IPO ....................................................... 23
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`2.
`3.
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`D.
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`B.
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`D.
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`The Registration Statement Contained Untrue Statements Of Material
`Facts And/Or Omitted To State Material Facts Required To Be Stated
`Therein Or Necessary To Make The Statements Therein Not
`Misleading ............................................................................................. 23
`C. Defendants Admit That Statements In The Registration Statement Were
`Untrue And/Or Omitted Material Information ..................................... 26
`Investors Who Bought Ra Medical Stock Pursuant And/Or Traceable
`To The IPO Suffered Substantial Losses .............................................. 28
`VIII. SUMMARY OF DEFENDANTS’ VIOLATIONS OF THE EXCHANGE
`ACT ................................................................................................................. 29
`A. When Ra Medical Went Public, Its DABRA Catheter Presented Strong
`Prospects For Future Sales Growth ....................................................... 29
`B. After The IPO, Ra Medical Touts Positive Progress In Expanding Its
`Salesforce And Denies Claims Of Off-Label Marketing ..................... 30
`The Truth Begins To Emerge As Ra Medical Discloses Manufacturing
`Problems, While Defendants Falsely Claim That The Problems Have
`Been Fixed And Omit Other Material Information .............................. 31
`1.
`Ra Medical Falsely Claims That “Production Limitations”
`Stemming From Increased Demand Negatively Impacted Fourth
`Quarter 2018 Sales ...................................................................... 31
`Ra Medical Falsely And/Or Misleadingly Assures Investors That
`Problems With Catheter Production Have Been Resolved ........ 33
`The Truth Further Emerges As Defendants Admit That DABRA
`Catheters Failed To Calibrate, Resulting In A Product Recall, And That
`Ra Medical Engaged In Off-Label Marketing ...................................... 35
`1.
`Ra Medical Admits To The Product Issues And Its Audit
`Committee Launches An Investigation Into An Anonymous
`Complaint .................................................................................... 35
`Obscuring That It Had Been Engaged In A Covert Recall For
`Months, Ra Medical Announces A Voluntary Recall ................ 38
`The Audit Committee Investigation Reports Its Findings .......... 39
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`C.
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`D.
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`2.
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`2.
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`3.
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`Ra Medical Discloses A Criminal Investigation And Deficiencies
`In Its Internal Controls ................................................................ 41
`IX. RA MEDICAL ADMITS THAT THE REGISTRATION STATEMENT
`AND STATEMENTS MADE DURING THE CLASS PERIOD WERE
`MATERIALLY FALSE AND/OR MISLEADING AND/OR OMITTED
`MATERIAL FACTS ....................................................................................... 42
`A.
`The Audit Committee Investigation Findings ...................................... 42
`B.
`Former Ra Medical Employees Corroborate The Audit Committee’s
`Findings ................................................................................................. 44
`1.
`Ra Medical Was Experiencing Calibration Issues With The
`DABRA Catheter At The Time Of The IPO .............................. 44
`Ra Medical Engaged In A Covert Product Recall ...................... 45
`Sales Representatives Were Directed To Market DABRA For
`Off-Label Uses ............................................................................ 46
`Ra Medical Lacked An Adequate System to Document
`Expenses ..................................................................................... 48
`An Injury During The 2017 Pivotal Study Was Not Reported To
`The FDA ..................................................................................... 48
`Recall Notice Suggests That Ra Medical Initiated The Recall Seven
`Months Before The IPO ........................................................................ 49
`Ra Medical Failed To Timely File Three MDRs .................................. 49
`Ra Medical Settles DOJ Investigation Into Off-Label Marketing and
`Kickbacks to Physicians ........................................................................ 50
`X. DEFENDANTS’ FALSE AND/OR MISLEADING STATEMENTS
`AND/OR OMISSIONS ................................................................................... 51
`A.
`False And/Or Misleading Statements And/Or Omissions Made In
`Connection With The IPO..................................................................... 51
`1.
`The Registration Statement And Roadshow Materials Touted Ra
`Medical’s Manufacturing Facility .............................................. 51
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`C.
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`D.
`E.
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`4.
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`2.
`3.
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`4.
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`5.
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`2.
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`3.
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`4.
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`5.
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`The Registration Statement Warned Of A Hypothetical Product
`Recall But Omitted Quality-Related Issues It Was Already
`Experiencing ............................................................................... 54
`The Registration Statement And Roadshow Materials Omitted
`To Disclose That Ra Medical Engaged In Off-Label Marketing
`To Increase DABRA Sales ......................................................... 54
`The Registration Statement And Roadshow Materials Omitted
`To Disclose That Ra Medical Engaged In Potential Bribery To
`Increase DABRA Sales ............................................................... 56
`The Registration Statement And Roadshow Materials Omitted A
`Patient’s Injury Experienced During The 2017 Pivotal Study For
`DABRA ...................................................................................... 59
`False And/Or Misleading Statements And/Or Omissions In Ra
`Medical’s Code of Ethics and Conduct ................................................ 60
`False And/Or Misleading Statements And/Or Omissions Made In
`Connection With The Announcement Of Ra Medical’s Third Quarter
`2018 Financial Results .......................................................................... 62
`False And/Or Misleading Statements And/Or Omissions Made At
`Biotech Showcase On January 8, 2019 ................................................. 70
`False And/Or Misleading Statements And/Or Omissions Made In
`Connection With The Announcement Of Ra Medical’s Fourth Quarter
`2018 Financial Results .......................................................................... 71
`False And/Or Misleading Statements And/Or Omissions Made In
`Connection With The Announcement Of Ra Medical’s First Quarter
`2019 Financial Results .......................................................................... 81
`False And/Or Misleading Statements And/Or Omissions Regarding
`The Product Recall ................................................................................ 88
`XI. LOSS CAUSATION ....................................................................................... 89
`XII. POST-CLASS PERIOD EVENTS .................................................................. 93
`XIII. ADDITIONAL SCIENTER ALLEGATIONS ............................................... 94
`XIV. UNDISCLOSED ADVERSE FACTS ............................................................ 97
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`B.
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`C.
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`D.
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`E.
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`F.
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`G.
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`XV. APPLICABILITY OF PRESUMPTION OF RELIANCE ............................. 98
`XVI. NO SAFE HARBOR ..................................................................................... 100
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`Lead Plaintiffs Ervin Derr and Peter Shoemaker (“Plaintiffs”), individually
`and on behalf of all others similarly situated, by and through their attorneys, allege
`the following upon information and belief, except as to those allegations concerning
`Plaintiffs, which are alleged upon personal knowledge. Plaintiffs’ information and
`belief is based upon, among other things, their counsel’s investigation, which
`includes without limitation: (a) review and analysis of regulatory filings made by Ra
`Medical Systems, Inc. (“Ra Medical” or the “Company”) with the United States
`(“U.S.”) Securities and Exchange Commission (“SEC”); (b) review and analysis of
`press releases and media reports issued by and disseminated by Ra Medical; and (c)
`review of other publicly available information concerning Ra Medical.
`I.
`INTRODUCTION
`1.
`This is a federal securities class action on behalf of persons and entities
`that purchased or otherwise acquired Ra Medical securities: (a) pursuant and/or
`traceable to the registration statement and prospectus (collectively, the “Registration
`Statement”) issued in connection with the Company’s September 2018 initial public
`offering (“IPO” or the “Offering”); and/or (b) between September 27, 2018 and
`November 27, 2019, inclusive (the “Class Period”). Plaintiffs pursue claims against
`the Defendants under the Securities Act of 1933 (the “Securities Act”) and the
`Securities Exchange Act of 1934 (the “Exchange Act”).
`2.
`Ra Medical is a medical device manufacturer. In September 2018, the
`Company completed its IPO and sold 4,485,000 shares of common stock for $17.00
`per share, raising $67.6 million in proceeds. When the Company completed its IPO,
`its DABRA laser system and catheter, which dissolve plaque in vascular blockages,
`positioned Ra Medical for a steady stream of recurring revenue. Specifically, the
`DABRA system is offered to physicians for a nominal fee, and the Company
`recognizes revenue from sales of its single-use disposable DABRA catheter. Though
`the Company is limited to marketing the DABRA system and catheter (collectively
`called DABRA) for the intended use approved by the U.S. Food and Drug
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`Administration (“FDA”) in ablating a channel in occlusive peripheral vascular
`disease, a form of peripheral artery disease (“PAD”), Ra Medical planned to seek
`expanded
`indications,
`including for atherectomy, which presented a
`total
`addressable market of over $1 billion. Thus, DABRA presented a unique growth
`opportunity for Ra Medical, with some analysts predicting DABRA would
`quadruple the Company’s revenue in the first year after the IPO.
`3.
`Initially, Ra Medical seemed to be executing its strategy in expanding
`its salesforce and increasing its sales. And when a competitor accused Ra Medical of
`off-label marketing, the Company denied the allegations and claimed that it
`“compl[ied] with these restrictions,” which “allow companies to engage in certain
`forms of truthful, non-misleading and non-promotional speech concerning the off-
`label use of products.” In particular, though the medical community refers to the
`breakdown of plaque as atherectomy, DABRA’s FDA label is limited to use in
`certain forms of PAD. Unbeknownst to investors, the FDA had already warned the
`Company that it improperly marketed DABRA as an atherectomy device, but Ra
`Medical continued to instruct its sales representatives to promote DABRA for
`atherectomy and to encourage physicians to bill using atherectomy reimbursement
`codes.
`4.
`In March 2019, Ra Medical began to disclose manufacturing problems
`with DABRA catheters, but falsely claimed that these problems were resolved and
`omitted other material information. On March 14, 2019, in connection with its
`fourth quarter 2018 financial results, Ra Medical disclosed that “production
`limitations” as the Company “scaled up catheter production” to meet increased
`demand negatively impacted fourth quarter 2018 revenue, but that it had “solved”
`those issues and would “begin to see the positive impact on revenue beginning in the
`second quarter of 2019.” On this news, the Company’s share price fell $2.14 per
`share, or approximately 32.57%, to close at $4.43 per share on March 15, 2019, on
`unusually heavy trading volume.
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`5.
`But this masked the real manufacturing issue: in reality, the
`manufacturing problem had existed since February 2018, seven months before the
`IPO, and resulted in DABRA catheters that failed to calibrate, leading to
`inconsistent performance. As early as February 2018, Ra Medical had been engaged
`in a covert product recall, as technicians serviced affected lasers and replaced
`catheters for physicians, while the Company attempted to fix the manufacturing
`problem without disclosing the DABRA catheters’ failure to calibrate.
`6.
`In May 2019, Ra Medical suggested that it had overcome problems
`with DABRA catheters and was on track to increase sales. In connection with its
`first quarter 2019 financial results, on May 13, 2019, defendant Jackson stated that
`the production limitations were “a one-off,” and defendant Irwin stated that the
`Company had “completed the validation of [its] upgraded manufacturing process to
`accommodate catheter production at scale.”
`7.
`However, just three months later, Ra Medical was forced to disclose the
`real manufacturing issues and to acknowledge that they had not been resolved. On
`August 12, 2019, Ra Medical admitted that it had “experienced inconsistencies in its
`DABRA catheter manufacturing process” and that “[t]he percentage of catheters that
`fail to calibrate at customer sites . . . began to increase.” In addition, Ra Medical
`surprised investors by disclosing that its Audit Committee had launched an
`investigation into an anonymous complaint and that Irwin had been terminated from
`his positions as Chief Executive Officer, Co-President, Chief Technology Officer,
`and Chairman of the Board of Directors. On this news, Ra Medical’s share price
`tanked—it fell $1.61, or nearly 57.09%, to close at $1.21 per share on August 13,
`2019, on unusually heavy trading volume.
`8.
`Still, Ra Medical continued to mislead investors about the extent of the
`manufacturing issue because it failed to disclose the covert product recall that Ra
`Medical had undertaken to save its relationships with physicians. It also failed to
`disclose that the Company had engaged in off-label marketing by promoting
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`DABRA for atherectomy, even though DABRA is only approved by the FDA to
`treat certain forms of PAD.
`9.
`Then, on September 27, 2019, Ra Medical finally disclosed that it had
`initiated a “voluntary recall of its DABRA laser system single-use catheters due to a
`change in product labeling.” The recall purportedly reflected a recent “relabeling
`[of] the catheters with two-month expiration, replacing its previous twelve-month
`shelf life expiration.” On this news, the Company’s stock price fell $0.18, or nearly
`11.38%, to close at $1.40 per share on September 30, 2019, on unusually heavy
`trading volume.
`10. However, the Company did not disclose that it had undertaken the
`covert product recall, or efforts leading to the recall, nearly a year and a half earlier
`in February 2018 when Ra Medical’s technicians started visiting customer facilities
`to service affected lasers.
`11. On October 31, 2019, after the market closed, Ra Medical disclosed the
`Audit Committee investigation’s findings, admitting: (1) that DABRA catheters
`frequently failed to calibrate and occasionally overheated, posing a risk of injury to
`physicians and patients; (2) that this inconsistent performance with DABRA
`catheters had adversely affected the Company’s fourth quarter 2018 and first quarter
`2019, rather than “production limitations” due to increased demand; and (3) that,
`due to the DABRA catheters’ failure to calibrate, Ra Medical began systematically
`replacing product for customers, without disclosing the covert product recall to
`investors or to the FDA.
`12.
`In addition, the Company admitted the same day that it engaged in off-
`label marketing—a reversal from prior denials—by directing physicians to use
`DABRA for atherectomy, and that it used other tactics, including bribery, to
`increase its sales in the midst of the product performance issues. Specifically, Ra
`Medical admitted: (1) that it had directed its sales representatives to market and
`promote DABRA as an atherectomy device and to encourage doctors seeking
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`reimbursement using atherectomy codes; (2) that it had made over $300,000 in
`payments to physicians without adequate documentation, suggesting that the
`payments were an improper attempt to obtain business; and (3) that it had directed
`benefits and opportunities to certain doctors based on sales prospects.
`13. Ra Medical’s off-label marketing increased regulatory scrutiny on the
`Company, as the U.S. Department of Justice (“DOJ”) sent a civil investigative
`demand concerning whether Ra Medical fraudulently obtained marketing clearance
`for DABRA from the FDA, and the SEC investigated the findings of the Audit
`Committee. Not only does Ra Medical’s off-label marketing of DABRA jeopardize
`the FDA approval for the device, the Company also admitted that it failed to timely
`make at least two medical device reports to the FDA, which are used as post-market
`surveillance to monitor the device’s performance and safety.
`14. Furthermore, the Company acknowledged on October 31, 2019 that
`internal complaints had drawn attention to these and other ethical concerns, but
`these issues were not promptly investigated. Specifically, Ra Medical admitted that
`it had “received complaints regarding regulatory or compliance concerns that,
`because they implicated executive officers, should have been brought to the
`attention of the Board or the Audit Committee, but were not.” On this news, the
`Company’s stock price fell $0.11, or nearly 7.28%, to close at $1.40 on November
`1, 2019, on unusually heavy trading volume.
`15. Finally, on November 29, 2019, before the market opened, Ra Medical
`disclosed that the DOJ inquiry had escalated to a criminal investigation. The
`Company also disclosed that deficiencies in its internal controls existed as of
`December 31, 2018 and March 31, 2019, which aggregated to a material weakness.
`On this news, the Company’s stock price fell $0.16, or nearly 11.19%, to close at
`$1.27 per share on November 29, 2019, on unusually heavy trading volume.
`16. On November 29, 2019, the Company’ stock price closed at $1.27 per
`share, a decline of approximately 92.53% from the IPO price of $17.00. As a result,
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`investors who bought pursuant and/or traceable to the IPO suffered substantial
`losses.
`II.
`JURISDICTION AND VENUE
`17. The claims asserted herein arise under and pursuant to Sections 11 and
`15 of the Securities Act (15 U.S.C. §§ 77k and 77o) and Sections 10(b) and 20(a) of
`the Exchange Act (15 U.S.C. §§ 78j(b) and 78t(a)) and Rule 10b-5 promulgated
`thereunder by the SEC (17 C.F.R. § 240.10b-5).
`18. This Court has jurisdiction over the subject matter of this action
`pursuant to 28 U.S.C. § 1331, Section 22 of the Securities Act (15 U.S.C. § 77v),
`and Section 27 of the Exchange Act (15 U.S.C. § 78aa).
`19. Venue is proper in this Judicial District pursuant to 28 U.S.C. §
`1391(b) and Section 27 of the Exchange Act (15 U.S.C. § 78aa(c)). Substantial acts
`in furtherance of the alleged securities law violations, and/or the effects of the
`violations, occurred in this Judicial District. Many of the acts charged herein,
`including the preparation and dissemination of materially false and/or misleading
`information, occurred in substantial part in this Judicial District. In addition, the
`Company’s principal executive offices are located in this Judicial District.
`20.
`In connection with the acts, transactions, and conduct alleged herein,
`Defendants directly and indirectly used the means and instrumentalities of interstate
`commerce, including the United States mail, interstate telephone communications,
`and the facilities of a national securities exchange.
`III. PARTIES
`Plaintiffs
`21. Lead Plaintiff Ervin Derr, as set forth in his previously-filed
`certification (See Dkt. No. 1), incorporated by reference herein, purchased Ra
`Medical common stock pursuant or traceable to the Registration Statement issued in
`connection with the Company’s IPO and during the Class Period, and suffered
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`damages as a result of the federal securities law violations and false and/or
`misleading statements and/or material omissions alleged herein.
`22. Lead Plaintiff Peter Shoemaker, as set forth in his previously-filed
`certification (Dkt. No. 22), incorporated by reference herein, purchased Ra Medical
`common stock pursuant or traceable to the Registration Statement issued in
`connection with the Company’s IPO and during the Class Period, and suffered
`damages as a result of the federal securities law violations and false and/or
`misleading statements and/or material omissions alleged herein.
`Defendants
`23. Defendant Ra Medical is incorporated under the laws of Delaware with
`its principal executive offices located in Carlsbad, California. Ra Medical’s common
`stock trades on the New York Stock Exchange (“NYSE”) under the symbol
`“RMED.”
`24. Defendant Dean Irwin (“Irwin”) co-founded Ra Medical in 2002 and
`served as the Company’s Chief Executive Officer (“CEO”), Chief Technology
`Officer, Co-President, and Chairman of the Board of Directors from September
`2002 to August 12, 2019. Prior to founding Ra Medical, Irwin was Vice President of
`Research, Development, and Engineering of PhotoMedex, Inc., a manufacturer of
`excimer lasers, from February 1998 to August 2002. Irwin signed or authorized the
`signing of the Company’s Registration Statement filed with the SEC.
`25. Defendant Andrew Jackson (“Jackson”) has served as the Company’s
`Chief Financial Officer (“CFO”) since April 2018 and as Interim CEO since August
`12, 2019. Jackson signed or authorized the signing of the Company’s Registration
`Statement filed with the SEC.
`26. Defendants Irwin and Jackson, collectively referred to hereinafter as
`the “Exchange Act Individual Defendants,” because of their positions with the
`Company, possessed the power and authority to control the contents of the
`Company’s reports to the SEC, press releases and presentations to securities
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`analysts, money and portfolio managers and institutional investors, i.e., the market.
`The Exchange Act Individual Defendants were provided with copies of the
`Company’s reports and press releases alleged herein to be misleading prior to, or
`shortly after, their issuance and had the ability and opportunity to prevent their
`issuance or cause them to be corrected. Because of their positions and access to
`material non-public information available to them, the Exchange Act Individual
`Defendants knew that the adverse facts specified herein had not been disclosed to,
`and were being concealed from, the public, and that the positive representations
`which were being made were then materially false and/or misleading. The Exchange
`Act Individual Defendants are liable for the false statements pleaded herein.
`27. Defendant Melissa Burstein (“Burstein”) co-founded Ra Medical in
`2002 and served as Executive Vice President and a director of the Company from
`September 2002 to March 2019, and as Vice President from April 2019 to
`November 1, 2019. She is Irwin’s wife. Burstein signed or authorized the signing of
`the Company’s Registration Statement filed with the SEC.
`28. Defendant Martin Burstein (“Martin Burstein”) has served as a director
`of the Company since October 2003, and signed or authorized the signing of the
`Company’s Registration Statement filed with the SEC. Martin Burstein is Irwin’s
`father-in-law.
`29. Defendant Richard Heymann (“Heymann”) has served as a director of
`the Company since July 2008 and as an employee in Corporate Strategy and
`Business Development since January 2016. Heymann signed or authorized the
`signing of the Company’s Registration Statement filed with the SEC.
`30. Defendant Maurice Buchbinder (“Buchbinder”) has served as a director
`of the Company since January 1, 2017 and signed or authorized the signing of the
`Company’s Registration Statement filed with the SEC.
`31. Defendant Martin Colombatto (“Colombatto”) has served as a director
`of the Company since January 2017 and signed or authorized the signing of the
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`Company’s Registration Statement filed with the SEC. Colombatto is a member of
`Ra Medical’s Audit Committee.
`32. Defendant Richard Mejia, Jr. (“Mejia”) has served as a director of the
`Company since July 2018 and signed or authorized the signing of the Company’s
`Registration Statement filed with the SEC. Mejia is a member of Ra Medical’s
`Audit Committee.
`33. Defendant Mark E. Saad (“Saad”) has served as a director of the
`Company since July 2018 and signed or authorized the signing of the Company’s
`Registration Statement filed with the SEC. Saad is a member of Ra Medical’s Audit
`Committee.
`34. Defendant William Enquist Jr. (“Enquist”) has served as a director of
`the Company since July 2018 and signed or authorized the signing of the
`Company’s Registration Statement filed with the SEC.
`35. Defendants Irwin, Jackson, Burstein, Martin Burstein, Heymann,
`Buchbinder, Colombatto, Mejia, Saad, and Enquist are collectively referred to
`hereinafter as the “Securities Act Individual Defendants.”
`36. Unless otherwise noted, “Defendants” refers to Defendants Ra Medical,
`Irwin, Jackson, Burstein, Martin Burstein, Heymann, Buchbinder, Colombatto,
`Mejia, Saad, and Enquist.
`Relevant Non-Parties
`37. Piper Sandler & Co. f/k/a Piper Jaffray & Co. (“Piper Sandler”) served
`as an underwriter for the Company’s IPO. In the IPO, Piper Sandler sold 1,560,000
`shares of Ra Medical, exclusive of the underwriter’s overallotment option. Piper
`Sandler served as a joint book-running manager of the Offering. Piper Sandler
`changed its name from Piper Jaffray & Co., effective January 3, 2020. See Dkt. No.
`20.
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`38. Cantor Fitzgerald & Co. (“Cantor”) served as an underwriter for the
`Company’s IPO. In the IPO, Cantor sold 1,365,000 shares of Ra Medical, exclusive
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`the Company’s Chief
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`of the underwriter’s overallotment option. Cantor served as a joint book-running
`manager of the Offering.
`39. SunTrust Robinson Humphrey, Inc. (“SunTrust”) served as an
`underwriter for the Company’s IPO. In the IPO, SunTrust sold 585,000 shares of Ra
`Medical, exclusive of the underwriter’s overallotment option.
`40. Nomura Securitie