Repro Med Systems, Inc.

  • Dismissed

Investigation
03/26/2021

Initial Lawsuit
03/26/2021

Lawsuit Progression
06/11/2021

Dismissal
07/12/2021

Investigation

  • Continous Holding
    August 4, 2020 to January 25, 2021
  • Proposed Claim
    Securities Violation

Investigation regarding Repro Med’s allowances, growth rebates and ability to retain key customers and incentivize growth.

Main Event

FY 2020 - Impacts and Resignation

01/25/2021

SEC Filing

Repro Med Systems, Inc. reports preliminary financial results for the full year ended December 31, 2020 and announces that Don Pettigrew resigned as President and CEO:

“Factors that impacted 2020 preliminary results included:
● Significant fluctuations in demand resulting from inventory purchasing by several large customers throughout the year;
● Slower growth in net revenue as a result of strengthening our contractual position with large customers;
● Less than expected international sales and clinical trial partnerships in the second half of 2020; and
● A slowdown in new patient starts due to the effect of state and local guidelines that prevented many individuals from visiting their healthcare professionals in 2020.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$4.33 $5.13 $-0.8 -15.59%
See more on Factual Timeline

Initial Lawsuit

The complaint was voluntarily dismissed by the plaintiff without prejudice.
Contact an attorney to know more about the filing and dismissal of a complaint.

This is a class action on behalf of persons and entities that purchased or otherwiseacquired KORU securities between August 4, 2020 and January 25, 2021, inclusive (the “ClassPeriod”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of1934 (the “Exchange Act”).

  • Filing Date
    03/26/2021
  • Class Period
    08/04/2020 to 01/25/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Glancy Prongay & Murray LLP
  • Case Title
    Humenik, Jr. v. Repro Med Systems, Inc.
  • Docket Number
    1:21-cv-02632
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(1) starting in January 2020, KORU ramped up the use of allowances, including growth rebates, to retain key customers and to incentivize growth;
(2) as the rebates accrued, the Company’s netsales were reasonably likely to decline;
(3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Defendants

  • Company
    KORU
  • Chief Executive Officer
    Don Pettigrew
  • Chief Financial Officer
    Karen Fisher

Lawsuit progression

  • Docket Number
    1:21-cv-02632
  • Court
    New York Southern District Court

Lead Counsel

06/11/2021

The court issued an order appointing the lead plaintiff and lead counsel.

Dismissal

On 07/12/2021, plaintiff voluntarily dismissed the complaint.

Free File
Stipulation/Order of Dismissal

[stockdio-historical-chart symbol=”KRMD” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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