NEW YORK, Aug. 29, 2014 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in EDAP TMS SA ("EDAP" or the "Company") (NasdaqGM: EDAP)
of the October 3, 2014 deadline to
seek the role of lead plaintiff in a federal securities class
action lawsuit filed against EDAP and certain executives.
A complaint has been filed in the United Stated District Court
of the Southern District of New
York on behalf of all persons who purchased EDAP securities
between February 1, 2013 and
July 30, 2014, inclusive (the "Class
Period").
The complaint alleges that the Company and its executives
violated federal securities laws with respect to its disclosures
concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period,
Company made false and/or misleading statements and/or failed to
disclose that: (i) EDAP exaggerated the efficacy and safety of its
Ablatherm trials; (ii) the occurrence of the adverse events in its
trials were understated; and (iii) as a result, the Company's
statements were materially false and misleading at all relevant
times.
On July 28, 2014, FDA staff report
stated its concerns about EDAP's adequacy of their test trial
methods. The staff report also revealed high rates of adverse
events associated with the drug, which the Company had not properly
disclosed. As a result of this report, EDAP was downgraded from
"Outperform" to "Market Perform" at Northland Securities by equity
analyst Suraj Kalia.
On this news, the price of EDAP stock declined by $1.23, or over 25%, to close at $3.65 on July 28,
2014.
On July 30, 2014, EDAP filed a
Form 6-K with SEC and issued a press release on its discussion with
the U.S. Food and Drug Administration ("FDA") Advisory Committee
Meeting on Ablatherm. FDA's Gastroenterology and Urology Devices
Panel ("GUDP") voted 3 yes, 5 no with one abstention regarding the
safety of the drug, and 8 no with 1 abstention on the question of
the risk/benefit ratio of the use of Ablatherm-HIFU device for
treatment of prostate cancer.
Following this news, the price of EDAP stock declined by
$1.50, or over 44%, to close at
$1.92 on July
31, 2014.
Request more information now by clicking here:
www.faruqilaw.com/EDAP. There is no cost or obligation to
you.
Take Action
If you invested in EDAP stock or options between February 1, 2013 and July
30, 2014 and would like to discuss your legal rights, visit
www.faruqilaw.com/EDAP. You can also contact us by calling
Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding EDAP's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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