Contact Information: Contact: Joseph Gentile SARRAF GENTILE LLP 116 John Street, Suite 2310 New York, NY 10038 T 212.868.3610 F 212.918.7967 joseph@sarrafgentile.com www.sarrafgentile.com
Sarraf Gentile LLP Announces Lawsuit Against Matrixx Initiatives, Inc.
| Source: Sarraf Gentile LLP
NEW YORK, NY--(Marketwire - July 22, 2009) - Sarraf Gentile LLP announces that on July 17,
2009, a class action lawsuit was filed against Matrixx Initiatives, Inc.
(NASDAQ : MTXX ) and its top officers. The complaint was filed in the United
States District Court for the District of Arizona and seeks damages for
violations of the federal securities laws on behalf of all investors who
purchased Matrixx stock between December 22, 2007 and June 15, 2009,
inclusive.
Matrixx is a nutrient and drug delivery company that develops, manufactures
and markets delivery systems for bioactive compounds. According to the
complaint, defendants failed to disclose material adverse facts concerning
the company's operational well being and future prospects. Specifically,
the complaint alleges that defendants failed to disclose or indicate (1)
that Matrixx had received notice of hundreds of serious adverse events
involving consumers' use of the Zicam Cold Remedy Products; (2) that
Matrixx failed to report these incidents to the FDA despite having an
obligation to do so; (3) that Matrixx failed to comply with FDA regulations
despite repeated assurances of its compliance; and (4) that, as a result of
the foregoing, defendants' statements about meeting FDA regulations were
false and misleading.
On June 16, 2009, Matrixx disclosed that it had received a warning letter
from the FDA and would withdraw its Zicam Cold Remedy Products from the
market. On this news, the price of Matrixx stock fell roughly 70%.
No class has yet been certified in the action. Until a class is certified,
you are not represented by counsel unless you retain one. Sarraf Gentile
LLP has not filed a lawsuit against the defendants.
If you are a Matrixx shareholder and want to discuss your legal rights, at
no cost and without obligation, please contact Joseph Gentile at Sarraf
Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
Sarraf Gentile LLP has extensive experience litigating shareholder class
actions across the United States and has recovered millions of dollars on
behalf of injured shareholders.
ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.