Overview

A class action lawsuit has been filed against Picard Medical, Inc. (“Picard” or the “Company”) (NYSE : PMI) and certain of the Company’s senior executive officers (collectively, “Defendants”) alleging violations of the federal securities laws. The Picard lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Picard securities between September 2, 2025, and October 31, 2025 (the “Class Period”). Investors have until April 3, 2026, to seek appointment as lead plaintiff of the Picard class action lawsuit.

Picard purports to engage in designing, manufacturing, production, supply, marketing, and sale of medical device products. The Company’s most significant product is an artificial heart called “SynCardia TAH.” 

As alleged in the complaint, the lawsuit arises from the collapse of Picard’s stock in late October 2025, following a dramatic yet illusory run-up orchestrated by a fraudulent stock promotion scheme. Picard’s initial public offering (“IPO”) involved an unusually small public float, approximately 5% of outstanding shares, while insiders and affiliates retained overwhelming control. The complaint alleges that this structure made Picard’s stock highly susceptible to manipulation and was consistent with a pattern seen in other micro-cap IPOs that later became the subject of pump-and-dump schemes.

Despite these structural vulnerabilities, Picard’s IPO materials included no disclosure that the Company’s unusually small float and concentrated insider control created an elevated risk of artificial price inflation. In the weeks leading up to October 23, 2025, Picard’s share price surged from the IPO price of $4.00 to an all-time high of $13.68 per share, despite no fundamental news from the Company to justify such a spike. 

The complaint further alleges Defendants failed to update investors as warning signs emerged during the Class Period. Before the October 23 collapse, unusual trading activity, outsized price swings, and the circulation of false claims in online investor groups were already public. At no point did Picard issue a cautionary statement alerting investors to these developments or warning that the stock’s movement did not reflect Company fundamentals. Instead, Defendants continued to tout the Company’s prospects while omitting the fact that the trading environment surrounding Picard had become highly irregular.

The truth was revealed on October 23, 2025, when Picard’s stock price abruptly plummeted by approximately 70%. Investigations and public reports have since revealed that Picard’s stock was used as a primary vehicle for an illicit “pump-and-dump” promotion scheme. Impersonators, using stolen identities of legitimate financial advisors, touted Picard in online forums, chat groups, and through social media posts with sensational but baseless claims to create a buying frenzy among retail investors.

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If you purchased or otherwise acquired Picard securities between September 2, 2025, and October 31, 2025, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara and Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Picard class action lawsuit is April 3, 2026.