Kirby McInerney LLP announced today that a class action lawsuit is
pending in the United States District Court for the Southern District of
New York on behalf of investors who acquired EDAP TMS S.A. (“EDAP” or
the “Company”) (Nasdaq:EDAP) securities during the period from February
1, 2013 through July 30, 2014 (the “class period”). Pursuant to
applicable law, investors have until October 3, 2014 to file a motion to
be appointed as lead plaintiff in the investor lawsuit.
The lawsuit charges that the Company reported misleading information
about one of its major products, Ablatherm, a product used in the
treatment of prostate cancer, in its filings with the Securities and
Exchange Commission. Specifically, the suit charges that in using faulty
statistical methods and disseminating misleading data, the Company
overstated the efficacy and safety of Ablatherm trials and understated
the frequency of serious side effects related to the course of treatment.
On July 28, 2014, the Food and Drug Administration (“FDA”) released a
report questioning the validity of EDAP’s claims about Ablatherm’s
safety and effectiveness, including questioning EDAP’s calculation
methods and data, and noting the high rates of serious side effects
associated with the treatment. On this news, the price of EDAP common
stock declined from $4.88 to $3.65, a loss of value of 25%.
On July 30, 2014, the Company issued a Form 6-K announcing that the FDA
panel reviewing Ablatherm unanimously voted “no” on the question of its
efficacy, and the majority also voted “no” on the questions of its
safety and its risk/benefit ratio. On this news, the price of EDAP
common stock declined from $3.42 to $1.92, a one day loss of value of
44%.
If you acquired EDAP securities during this period and you are
interested in learning more about this matter and any rights you might
have with respect to these claims, contact Melissa Fortunato at mfortunato@kmllp.com,
by telephone at (212) 371-6600, or by filling
out this form. Please bear in mind that some of these rights may be
time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, whistleblower, antitrust and consumer
litigation. The firm has specialized in complex litigation, including
securities class actions, for several decades. Kirby McInerney LLP has
repeatedly demonstrated its expertise in this field, and has been
recognized by various courts that have appointed the firm to major
positions in consolidated and multi-district litigation. The firm’s
efforts on behalf of shareholders in securities litigation have resulted
in recoveries totaling billions of dollars, and the firm’s achievements
and quality of service have been chronicled in numerous published
decisions. Additional information about the firm or the claims against
EDAP can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
Copyright Business Wire 2014