Saxena White P.A. Files New Securities Fraud Class Action Against Outset Medical, Inc.

BOCA RATON, Fla., July 08, 2022 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit (the "Class Action") in the United States District Court for the Northern District of California against Outset Medical, Inc. ("Outset Medical" or the "Company") (NASDAQ:OM ) and certain of its executive officers (collectively, "Defendants"). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder on behalf of all persons or entities that purchased Outset Medical common stock between September 15, 2020 and June 13, 2022, inclusive (the "Class Period"), and were damaged thereby (the "Class"). The Class Action filed by Saxena White is captioned: Plymouth County Retirement Association v. Outset Medical, Inc. , No. 5:22-cv-04016 (N.D. Cal.) Outset Medical is a medical technology company focused on kidney dialysis, the primary treatment for acute and chronic kidney failure. The Company's flagship product is the Tablo Hemodialysis System ("Tablo"), a dialysis machine that purifies tap water and then artificially purifies and removes toxins from the blood of patients suffering from kidney failure. Throughout the Class Period, Outset Medical touted that Tablo can "serve as a dialysis clinic on wheels" that had been "cleared by the [U.S.] Food and Drug Administration [(the "FDA")] for use in the hospital, clinic or home setting" under Section 510(k) of the Federal Food, Drug, and Cosmetic Act (the "FDCA"). Devices used by non-professionals outside of a clinical setting and that can present serious health consequences like Tablo are subject to heightened scrutiny by the FDA, including post-market surveillance studies pursuant to the FDCA.   While performing further regulatory studies during the ... Full story available on Benzinga.com