NEW YORK--(BUSINESS WIRE)--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 firstname.lastname@example.org, 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.