A lawsuit was filed on behalf of investors in Atossa Genetics Inc (NASDAQ:ATOS) shares over alleged securities laws violations. Deadline: December 9, 2013. NASDAQ:ATOS investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/14/2013 -- An investor, who purchased shares of Atossa Genetics Inc (NASDAQ:ATOS), filed a lawsuit in the U.S. District Court for the Western District of Washington over alleged violations of Federal Securities Laws by Atossa Genetics Inc in connection with certain allegedly false and misleading statements made between November 8, 2012 and October 4, 2013.
Investors who purchased a significant amount of shares of Atossa Genetics Inc (NASDAQ:ATOS) between November 8, 2012 and October 4, 2013, and / or those who purchased any NASDAQ:ATOS prior to November 2012 and currently hold any of those shares, have certain options and there are short and strict deadlines running. Deadline: December 9, 2013. NASDAQ:ATOS investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise otherwise acquired Atossa Genetics Inc (NASDAQ:ATOS) between November 8, 2012 and October 4, 2013, that Atossa Genetics Inc and certain of its officers and directors violated 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.
More specifically, the plaintiff claims that the Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose to Atossa Genetics Inc (NASDAQ:ATOS) investors that Atossa Genetics Inc was required, but failed, to submit an additional 510(k) notification to obtain necessary U.S. Food and Drug Administration ("FDA") clearance as it made material changes to the Nipple Aspirate Fluid specimen collection process, that Atossa Genetics Inc improperly marketed its devices by using certain promotional claims to market the ForeCYTE Breast Health Test and the MASCT device, that Atossa Genetics Inc was in violation of FDA Good Manufacturing Practices regulations, and that as a result of the foregoing, Atossa Genetics Inc's statements were materially false and misleading at all relevant times.
Atossa Genetics Inc reported that its Net Loss increased from $3.44 million in 2011 to $5.08 million in 2012.
On February 25, 2013, Atossa Genetics Inc disclosed that on February 21, 2013, it had received a warning letter from the FDA regarding its MASCT System and MASCT System Collection Test
Shares of Atossa Genetics Inc (NASDAQ:ATOS) declined from $12.37 per share in March 2013 to $4.40 in August 2013.
Then on October, 4, 2013 Atossa Genetics Inc. announced that it initiated a voluntary recall to remove the ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology Test (“MASCT”) device from the market. Atossa Genetics Inc. said that the recall includes the MASCT System Kit and Patient Sample Kit. Atossa Genetics Inc. advised distributors and customers to stop using affected products and return them to Atossa Genetics Inc. immediately. Atossa Genetics Inc. said it is removing the ForeCYTE Breast Health Test and the MASCT device from the market to address concerns raised by the U.S. Food and Drug Administration (“FDA”) in a warning letter received by Atossa in February 2013.
Shares of Atossa Genetics Inc (NASDAQ:ATOS) declined from $7.48 per share on Sept. 18, 2013, respectively $5.35 per share on Oct. 4, 2013, to as low as $1.911 per share on Oct. 9, 2013.
On Oct. 11, 2013, NASDAQ:ATOS shares closed at $1.90per share.
Those who purchased shares of Atossa Genetics Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego