SeaStar Medical Holding Corporation (NASDAQ: ICU)

This lawsuit is for anyone who acquired securities in SeaStar Medical Holding Corporation (NASDAQ: ICU) from October 31, 2022 through March 26, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that it was likely that the FDA would approve the Company’s application of its medical device despite knowing that the FDA was unlikely to approve the device because the application was deficient.

On May 9, 2023, SeaStar disclosed that it had received a letter from the Center for Biologics Evaluation and Research (“CBER”) of the U.S. Food and Drug Administration (“FDA”), rejecting the Company’s Humanitarian Device Exemption (“HDE”) application for its pediatric Selective Cytopheretic Device (“SCD”) because “the application [wa]s not approvable in its current form[.]” The Company also stated that it had engaged in “a series of [purported] collaborative meetings and correspondence over the past 10 months” with the FDA, had made repeated responses “to the Agency’s recommendations,” and that there were “current deficiencies cited by the Agency in their letter[.]” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on March 27, 2024, SeaStar announced that it had “determined that certain complex financial instruments required accounting treatment that differed from [its] previous judgment,” and that, due to the reporting of non-cash accounting items, the Company would need to restate financial statements for the fiscal year 2022 and the first three quarters of fiscal year 2023. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in SeaStar Medical Holding Corporation (NASDAQ: ICU) from October 31, 2022 through March 26, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.