SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of SeaStar Medical Holding Corporation - ICU

NEW YORK, April 20, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of SeaStar Medical Holding Corporation ("SeaStar" or the "Company") (NASDAQ: ICU). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether SeaStar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On March 27, 2024, SeaStar announced that it will restate its financial statements for the fiscal year ended December 31, 2022 and for the interim periods ended March 31, 2023, June 30, 2023 and September 30, 2023. According to the Company, the restatement will impact the accounting treatment and classification of certain outstanding warrants and the prepaid forward purchase arrangement that was terminated in June 2023. Further, SeaStar's Chief Executive Officer stated that "[t]he restatement is not expected to have a material impact on [the Company's] business operations or our cash position, but rather is related to the reporting of non-cash accounting items," and "[w]e pursued a Special Purpose Acquisition Company (SPAC) as our route to become a public company in late 2022 due to the challenging market conditions at that time. Many SPACs, including ours, relied on a host of complex financial instruments. Unfortunately, we determined that certain complex financial instruments required accounting treatment that differed from our previous judgment, which led to the need for a restatement." 

On this news, SeaStar's stock price fell $0.04 per share, or 5.41%, to close at $0.70 per share on March 27, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP