Yan v. ReWalk Robotics Ltd., No. 19-1614 (1st Cir. 2020)Annotate this Case
The First Circuit affirmed the judgment of the district court dismissing Plaintiff's Securities Act claims and finding that Plaintiff did not have standing to bring his Securities Exchange Act claims, holding that Plaintiff failed to allege a violation of the Securities Act and failed to state an Exchange Act claim.
On behalf of proposed classes of investors, Plaintiff alleged that ReWalk Robotics, Ltd. violated both the Securities Act and the Securities Exchange Act by omitting details and misrepresenting its dealings with the Federal Drug Administration in its initial public offering Registration Statement and in subsequent disclosures. The district court concluded that Plaintiff failed to allege a violation of the Securities Act and that he lacked standing to challenge ReWalk's alleged failures to make certain disclosures after his purchases of ReWalk securities. The district court further denied Plaintiff's motion to add Joanne Geller as a party. The First Circuit affirmed, holding that the district court properly dismissed Plaintiff's claims.