A Deadline is coming up on December 9, 2013 in the lawsuit for investors in Atossa Genetics Inc (NASDAQ:ATOS) and NASDAQ:ATOS stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 11/20/2013 -- A deadline is coming up on December 9, 2013 in the lawsuit filed for investors of Atossa Genetics Inc (NASDAQ:ATOS) over alleged securities laws violations by Atossa Genetics Inc
Investors with a substantial investment in Atossa Genetics Inc (NASDAQ:ATOS) shares between November 8, 2012 and October 4, 2013, should get active before the Deadline that is coming up on December 9, 2013, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Western District of Washington the plaintiff alleges on behalf of purchasers of 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.
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 declined from $7.48 per share on Sept. 18, 2013, respectively $5.35 per share on Oct. 4, 2013, to as low as $1.76 per share on October 31, 2013.
On November 19, 2013, NASDAQ:ATOS shares closed at $2.45 per 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