Lead Plaintiffs Selected in Picard Medical Pump-and-Dump Allegations Based on Largest Losses

SAN FRANCISCO (LN) — U.S. District Judge Rita F. Lin appointed Roger Wiegley and Sobhy Abdelhady as lead plaintiffs in the securities class action against Picard Medical, Inc., ruling that the pair suffered the largest financial losses and adequately represent the class scheme.

The order, issued May 15, resolves a dispute over the timeliness of lead plaintiff motions and selects the candidates with the highest claimed losses under the Private Securities Litigation Reform Act.

The case centers on allegations that Picard Medical and its officers facilitated a social media pump-and-dump scheme. Five individuals submitted four lead plaintiff motions, but the process was complicated by conflicting notices regarding the filing deadline.

Plaintiff Julianne Louie published a first notice on Feb. 3, 2026, stating the deadline was April 3. However, the PSLRA allows 60 days for filing, which would have been April 4. Because April 4 fell on a Saturday, Federal Rule of Civil Procedure 6(a)(1)(C) extended the deadline to April 6.

Louie subsequently published a corrected notice on Feb. 10 setting the deadline for April 13.

Judge Lin ruled that the first notice was materially defective because it failed to disclose the statutory 60-day period. She noted that requiring candidates to verify a notice’s stated deadline could encourage "gamesmanship," where a plaintiff might intentionally misstate a deadline to disqualify competitors.

"It makes sense to rigidly enforce the 60-day deadline in other contexts, but not in a situation where the notice was materially defective in this way," Lin wrote, citing the PSLRA’s purpose to "diminish the risk of lawyer-driven lawsuits."

In determining the presumptive lead plaintiff, the court weighed the approximate losses suffered during the class period. The candidates’ claimed losses ranked as follows:

1. Roger Wiegley and Sobhy Abdelhady 2. Julianne Louie 3. Praneeth Galipalli 4. Sudhir Mogallapu

Wiegley and Abdelhady were found to have made a prima facie showing of adequacy and typicality. They have committed to cooperatively prosecute the case on behalf of the class.

Wiegley liquidated his stock on the final day of the class period but was not an in-and-out trader. Abdelhady engaged in in-and-out trades but suffered losses by buying and selling two days period ended. The court found Abdelhady’s trading pattern did not affect his suitability.

The only objection to Wiegley and Abdelhady was their failure to explicitly state whether they adopted the complaint’s allegations under Civil Local Rule 23-1(c). The court ruled that their motion, which summarized the complaint’s facts, constituted an implicit adoption sufficient to comply with the rule.

The Rosen Law Firm, P.A., has been appointed lead counsel. The firm has significant securities litigation experience, according to the order.

Lead plaintiffs must file a chart summarizing information required by 15 U.S.C. § 78u-4(b)(1) and (2) within 14 days of serving a consolidated complaint, Lin ordered.

Louie filed a notice of non-opposition to the appointment, recognizing she did not assert the largest financial interest but expressing continued openness to serve as lead plaintiff.