Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Restoration Robotics (NASDAQ:HAIR) in connection to alleged violations of securities laws by HAIR. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Restoration Robotics, particularly in securities pursuant to its IPO, between October 9, 2017 and June 21, 2018.
The class action complaint specifically alleges that during the period in question, HAIR might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely when the company held its initial public offering, it represented to investors that proceeds from the IPO would fund the company’s operations for a year, and that its robotic implantation functionality was prepared for launch. Later, on March 20, 2018, the company revealed that it intended to “complete the necessary design and engineering work to launch the implantation functionality” by the end of that year. The company additionally represented that it was in a good position to expand its domestic operations by ramping up sales, but in fact, it did not have a salesforce adequate to do so. The company acknowledged by the close of Q1 2018 that it lacked “sufficient capital to fund its planned operations,” and currently trades at less than half its IPO price.
According to the company’s website, Restoration Robotics is a “medical device company developing and commercializing the ARTAS® Robotic Hair Transplant System.” It describes itself as possessing “unique expertise” in such areas as machine vision, visual servoing and robotics, and image guidance. The company is headquartered in Silicon Valley and trades on the Nasdaq exchange under the symbol HAIR.