Faruqi & Faruqi Investigates SeaStar Medical Holding Corporation and Reminds Investors of Deadline to Seek Lead Plaintiff Role

Faruqi & Faruqi, LLP

, a prominent national securities law firm, is currently investigating potential claims against

SeaStar Medical Holding Corporation

(SeaStar). The firm is reminding investors of the

September 6, 2024 deadline

to seek the role of lead plaintiff in a federal securities class action lawsuit that has been filed against the company. This lawsuit alleges that SeaStar and its executives violated federal securities laws by providing false and/or misleading information to investors.

Specifically, the complaint alleges that SeaStar and its executives failed to disclose crucial information, including:

*

Deficient compliance controls and procedures

related to the HDE Application for their product.
*

Deficiencies in the HDE Application

, making it unlikely for the FDA to approve the application in its current form.
*

Overstated regulatory prospects

for the SCD (SeaStar’s product).
*

Downplayed the extent of deficiencies

in their financial controls and procedures while exaggerating their efforts to fix them.
*

Improper accounting

for certain outstanding warrants and the Prepaid Forward Agreement.
*

Potential restatement

of previously issued financial statements.
*

Overstated business and financial prospects

for SeaStar after its merger.

On March 27, 2024, SeaStar announced that they would be restating their financial statements for the fiscal year ended December 31, 2022, and for several interim periods. This restatement was attributed to the need to adjust the accounting treatment of certain outstanding warrants and a prepaid forward purchase agreement that was terminated in June 2023. Following this news, SeaStar’s stock price fell by 5.41% on March 27, 2024.

The lead plaintiff in a class action lawsuit is the investor with the largest financial interest in the case who is also deemed adequate and typical of other class members. This lead plaintiff is responsible for overseeing and directing the litigation on behalf of the entire class. Any member of the potential class can petition the court to serve as lead plaintiff, either through their chosen legal counsel or by remaining an absent class member. The decision to serve as lead plaintiff does not affect an investor’s ability to share in any potential recovery.

Faruqi & Faruqi encourages anyone with information related to SeaStar’s conduct to contact them, including whistleblowers, former employees, shareholders, and others. For more details about the SeaStar class action, visit their website at www.faruqilaw.com/ICU or call Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).