NEW YORK, Nov. 22, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Atossa Genetics, Inc. ("Atossa" or the "Company") (NASDAQ: ATOS) and certain of its officers. The class action, filed in United States District Court, Western District of Washington, and docketed under 13-CV-01836, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Atossa securities between November 8, 2012 and October 4, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Atossa securities during the Class Period, you have until December 9, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Atossa is a development-stage healthcare company. The Company is focused on the commercialization of cellular and molecular diagnostic risk assessment products and related services for the detection of pre-cancerous conditions that could lead to breast cancer.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Atossa's business and financial condition. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to Atossa investors that: (1) the Company was required, but failed, to submit an additional 510(k) notification to obtain necessary FDA clearance as it made material changes to the Nipple Aspirate Fluid specimen collection process; (2) the Company improperly marketed its devices by using certain promotional claims to market the ForeCYTE Breast Health Test and the MASCT device; (3) the Company was in violation of FDA Good Manufacturing Practices regulations; and (4) as a result of the foregoing, Atossa's statements were materially false and misleading at all relevant times.
On February 25, 2013, the Company disclosed that on February 21, 2013, it had received a warning letter from the U.S. Food and Drug Administration ("FDA") regarding its MASCT System and MASCT System Collection Test (together, the "System"). Specifically, in the warning letter, the FDA alleged that "the Company changed the System in a manner that requires submission of an additional 510(k) notification to the FDA" and the letter also raised "certain issues with respect to the Company's marketing of the System and the Company's compliance with FDA Good Manufacturing Practices (cGMP) regulations, among other matters." On this news, Atossa shares declined $0.3869 per share or nearly 5.6%, to close at $6.54 per share on February 25, 2013.
On October 4, 2013, after the market closed, the Company announced "a voluntary recall to remove the ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology Test (MASCT) device from the market" after receiving a warning letter from the U.S. Food and Drug Administration ("FDA"). On this news, Atossa shares declined $2.47 per share, or more than 46%, to close at $2.85 per share on October 7, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP