SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 from Investment in Delcath Systems, Inc. to Contact Brower Piven Before the July 8, 2013 Lead Plaintiff Deadline
Brower Piven, A Professional Corporation announces that a class action
lawsuit has been commenced in the United States District Court for the
Southern District of New York on behalf of purchasers of Delcath
Systems, Inc. (“Delcath” or the “Company”) (NasdaqCM: DCTH) common stock
during the period between April 21, 2010 and May 2, 2013, inclusive (the
“Class Period”).
If you have suffered a net loss from investment in Delcath Systems, Inc.
common stock purchased on or after April 21, 2010, and held through any
of the revelations of negative information on February 22, 2011, April
30, 2013 and/or May 2, 2013 as described below, you may obtain
additional information about this lawsuit and your ability to become a
lead plaintiff by contacting Brower Piven at www.browerpiven.com,
by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional Corporation,
1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and class action
cases of over 60 years.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen by
the lead plaintiff. If you wish to choose counsel to represent you and
the Class, you must apply to be appointed lead plaintiff no later than
July 8, 2013 and be selected by the Court. The lead plaintiff will
direct the litigation and participate in important decisions including
whether to accept a settlement and how much of a settlement to accept
for the Class in the action. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in the
Company during the Class Period.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that the Company’s New Drug Application (“NDA”)
for the Melblez Kit for treatment of patients with unresectable ocular
melanoma metastatic to the liver posed substantial adverse risk to
patients and that the Company’s manufacturing facilities were in
violation of Current Good Manufacturing Practices. According to the
complaint, following the Company’s February 22, 2011 disclosure that it
had received a “refusal to file” letter from the U.S. Food and Drug
Administration (“FDA”) for its new drug application for its proprietary
chemosaturation system, the April 30, 2013 publication of an FDA
briefing document that revealed that 7% of the 122 patients treated with
the Melblez kit died as a result of the treatment, and the Company’s May
2, 2013 disclosure that the Oncologic Drugs Advisory Committee voted 16
to 0 that the benefits of treatment with Delcath’s Melblez Kit did not
outweigh the risks associated with the procedure, the value of Delcath
shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other counsel of
your choice. You need take no action at this time to be a member of the
class.
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