Investors Say Sales Potential Of Hair Transplant Robot Inflated
Law360 (July 12, 2019, 11:39 PM EDT) -- Restoration Robotics investors slapped the medical technology company with a putative securities class action in California federal court Thursday, alleging executives inflated the sales potential of a robotic machine the company was developing to assist physicians in hair restoration surgery.
The shareholder derivative suit alleges that Restoration Robotics Inc. executives issued a misleading registration statement to the U.S. Securities and Exchange Commission when it went public in 2017.
The lies by executives caused the company’s stock value to plummet, the suit alleges.
“For at least the foreseeable future, Restoration Robotics will suffer from what is known as the ‘liar’s discount,’” the...
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