{"id":471960,"date":"2021-04-06T11:03:31","date_gmt":"2021-04-06T15:03:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471960"},"modified":"2021-04-06T11:03:31","modified_gmt":"2021-04-06T15:03:31","slug":"the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors\/","title":{"rendered":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (KRMD) Investors"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LOS ANGELES<\/span>, <span class=\"xn-chron\">April 6, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118429-1&amp;h=3204304199&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=The+Law+Offices+of+Frank+R.+Cruz\" rel=\"nofollow noopener noreferrer\">The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span><\/a> announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (&#8220;KORU&#8221; or the &#8220;Company&#8221;) (NASDAQ: KRMD) securities between <b><span class=\"xn-chron\">August 4, 2020<\/span> and <span class=\"xn-chron\">January 25, 2021<\/span><\/b>, inclusive (the &#8220;Class Period&#8221;). KORU investors have until <b><span class=\"xn-chron\">May 25, 2021<\/span><\/b>to file a lead plaintiff motion.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg\" title=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" alt=\"(PRNewsfoto\/The Law Offices of Frank R. Cru)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>If you are a shareholder who suffered a loss, click\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118429-1&amp;h=246869446&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fkoru-medical-systems%2F&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a> to participate.<\/p>\n<p>On <span class=\"xn-chron\">November 3, 2020<\/span>, after the market closed, KORU announced its third quarter 2020 financial results, reporting that net sales declined sequentially to <span class=\"xn-money\">$6.1 million<\/span>. During the conference call the next day, the Company attributed the lower sales to, among other things, &#8220;higher allowances for gross rebates for certain customers&#8221; and &#8220;payment discounts and distribution fees.&#8221;<\/p>\n<p>On this news, the Company&#8217;s stock price fell <span class=\"xn-money\">$1.97<\/span>, or 32%, to close at <span class=\"xn-money\">$4.16<\/span> per share on <span class=\"xn-chron\">November 4, 2020<\/span>, on unusually heavy trading volume.<\/p>\n<p>Then, on <span class=\"xn-chron\">January 25, 2021<\/span>, after the market closed, KORU announced its preliminary financial results for fiscal 2020, expecting revenue of approximately <span class=\"xn-money\">$24.0 million<\/span>, an increase of 3.4% over the prior year. The Company attributed the results to, among other things, &#8220;[s]lower growth in net revenue as a result of strengthening our contractual position with large customers.&#8221; In the press release, KORU also announced that its CEO, <span class=\"xn-person\">Donald Pettigrew<\/span>, resigned, effective immediately.<\/p>\n<p>On this news, KORU&#8217;s stock price fell <span class=\"xn-money\">$0.80<\/span>, or 15.5%, to close at <span class=\"xn-money\">$4.33<\/span> per share on <span class=\"xn-chron\">January 26, 2021<\/span>, on unusually heavy trading volume.<\/p>\n<p>The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company&#8217;s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) starting in <span class=\"xn-chron\">January 2020<\/span>, 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&#8217;s net sales were reasonably likely to decline; and (3) as a result of the foregoing, Defendants&#8217; positive statements about the Company&#8217;s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p>Follow us for updates on Twitter: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118429-1&amp;h=1130109671&amp;u=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;a=twitter.com%2FFRC_LAW\" rel=\"nofollow noopener noreferrer\">twitter.com\/FRC_LAW<\/a>.<\/p>\n<p>If you purchased KORU securities during the Class Period, you may move the Court no later than <b><span class=\"xn-chron\">May 25, 2021<\/span><\/b>to ask the Court to appoint you as lead plaintiff.\u00a0 To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.\u00a0 If you purchased KORU securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact <span class=\"xn-person\">Frank R. Cruz<\/span>, of The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, 1999 Avenue of the Stars, Suite 1100, <span class=\"xn-location\">Los Angeles, California<\/span> 90067 at 310-914-5007, by email to <a target=\"_blank\" href=\"mailto:info@frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">info@frankcruzlaw.com<\/a>, or visit our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3118429-1&amp;h=2033197253&amp;u=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;a=www.frankcruzlaw.com\" rel=\"nofollow noopener noreferrer\">www.frankcruzlaw.com<\/a>. \u00a0If you inquire by email please include your mailing address, telephone number, and number of shares purchased.<\/p>\n<p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA31767&amp;sd=2021-04-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-dba-koru-medical-systems-krmd-investors-301262551.html\">http:\/\/www.prnewswire.com\/news-releases\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-dba-koru-medical-systems-krmd-investors-301262551.html<\/a><\/p>\n<p>SOURCE  The Law Offices of <span class=\"xn-person\">Frank R. Cruz<\/span>, <span class=\"xn-location\">Los Angeles<\/span><\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA31767&amp;Transmission_Id=202104061100PR_NEWS_USPR_____LA31767&amp;DateId=20210406\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LOS ANGELES, April 6, 2021 \/PRNewswire\/ &#8212;\u00a0The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (&#8220;KORU&#8221; or the &#8220;Company&#8221;) (NASDAQ: KRMD) securities between August 4, 2020 and January 25, 2021, inclusive (the &#8220;Class Period&#8221;). KORU investors have until May 25, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click\u00a0here to participate. On November 3, 2020, after the market closed, KORU announced its third quarter 2020 financial results, reporting that net sales declined sequentially to $6.1 million. During the conference call the next day, the Company &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (KRMD) Investors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-471960","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. 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Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (&#8220;KORU&#8221; or the &#8220;Company&#8221;) (NASDAQ: KRMD) securities between August 4, 2020 and January 25, 2021, inclusive (the &#8220;Class Period&#8221;). KORU investors have until May 25, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click\u00a0here to participate. On November 3, 2020, after the market closed, KORU announced its third quarter 2020 financial results, reporting that net sales declined sequentially to $6.1 million. During the conference call the next day, the Company &hellip; Continue reading &quot;The Law Offices of Frank R. 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Cruz Announces the Filing of a Securities Class Action on Behalf of Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (KRMD) Investors - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors\/","og_locale":"en_US","og_type":"article","og_title":"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (KRMD) Investors - Market Newsdesk","og_description":"PR Newswire LOS ANGELES, April 6, 2021 \/PRNewswire\/ &#8212;\u00a0The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (&#8220;KORU&#8221; or the &#8220;Company&#8221;) (NASDAQ: KRMD) securities between August 4, 2020 and January 25, 2021, inclusive (the &#8220;Class Period&#8221;). KORU investors have until May 25, 2021to file a lead plaintiff motion. If you are a shareholder who suffered a loss, click\u00a0here to participate. On November 3, 2020, after the market closed, KORU announced its third quarter 2020 financial results, reporting that net sales declined sequentially to $6.1 million. During the conference call the next day, the Company &hellip; Continue reading \"The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Repro Med Systems, Inc. d\/b\/a KORU Medical Systems (KRMD) Investors\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-06T15:03:31+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1221557\/The_Law_Offices_of_Frank_R_Cruz_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-repro-med-systems-inc-d-b-a-koru-medical-systems-krmd-investors\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Law Offices of Frank R. 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