A law office noted that it recently filed a securities class action lawsuit against a medical device manufacturer due to potential violations of federal securities laws.
Robbins Arroyo, LLP, explained that it filed the litigation in the U.S. District Court for the Southern District of New York against EDAP TMS S.A. This includes all shareholders who acquired stock in the company during the class period between Feb. 1, 2013 and July 30, 2014.
The company's board of directors and officers allegedly violated the Securities Exchange Act of 1934. Specifically, the company made a number of statements that may have been false or misleading regarding the safety and productivity of its Ablatherm trial, as well as its lack of clarity of how Ablatherm may not achieve its intended goal. After an investigation from the Food and Drug Administration on July 28, 2014, the company's stock dropped markedly.
For those shareholders who are interested in taking up the lead plaintiff position, it may be a good idea to speak with the law firm to learn more. Any other questions related to the lawsuit – including how the action may affect shareholders – can be brought to the law office. The best person to speak with is Darnell Donahue, and he can be reached by telephone or email. Further details can be had by visiting the law office's website.
Separate investigation underway
Another law firm explained that it began looking into the allegations against the company, which has a potential to develop into a class action lawsuit at a later date.
The Law Offices of Howard G. Smith noted that it started the investigation of EDAP due to claims made by the company's investors that the leaders of the medical device manufacturer may have made statements that adversely affected company stock. The investigation from the FDA found that the details provided from EDAP were not enough to show that the product it produced was effective.
Any shareholders who acquired stock in the company during the aforementioned class period have the option to speak with the law office for more information. Any stockholders who have details that may facilitate the investigation are also encouraged to come forward. The best person to speak with is Howard Smith, and he can be reached by mail, telephone or email. Additional information is available on the law firm's website.