Navigation Links
SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action against EDAP TMS S.A. and Certain Officers - EDAP
Date:8/29/2014

NEW YORK, Aug. 29, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against EDAP TMS S.A. ("EDAP" or the "Company") (NASDAQ: EDAP) and certain of its officers.  The class action, filed in United States District Court, Southern District of New York, and docketed under 14-cv-6069, is on behalf of a class consisting of all persons or entities who purchased EDAP securities between February 1, 2013 and July 30, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act"). 

If you are a shareholder who purchased EDAP securities during the Class Period, you have until October 3, 2014 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Defendant EDAP TMS S.A., through its subsidiaries, designs and manufactures medical equipment. The Company develops minimally invasive therapeutic ultrasound solutions for urology, tumor removal, localized prostate cancer, and related infectious diseases. EDAP purports to serve patients and medical professionals worldwide.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance.  Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) the Company was overstating the efficacy and safety of its Ablatherm trials by using faulty statistical methods and presenting misleading data; (ii) the Company was understating the frequency of adverse events in its trials for Ablatherm including erectile dysfunction, urinary incontinence, and urethral and bowel injury; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On July 28, 2014, a U.S. Food and Drug Administration ("FDA") staff report was released in anticipation of a July 30, 2014 meeting of the Gastroenterology and Urology Devices Panel Advisory Committee meeting (the "FDA Staff Report").  In the FDA Staff Report, the FDA questioned whether EDAP's methods for testing the device were adequate.  Specifically, FDA staff questioned EDAP's safety and effectiveness data because the Company compared patients in two different studies to gather evidence, rather than a head-to-head trial.  EDAP relied on a registry of patients in Europe who have used Ablatherm, and compared their data to a subgroup of patients in a U.S. Department of Veterans Affairs trial who underwent surgery called radical prostatectomy. Patients who used Ablatherm had a 1.1 percent risk of their cancer spreading after eight years, compared to a 1.4 percent risk for men who underwent surgery.

On the news, EDAP stock fell $1.23 in unusually heavy volume, or over 25%, to close at $3.65 on July 28, 2014.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


'/>"/>
SOURCE Pomerantz LLP
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. OncoSec Medical Issues Letter to Shareholders
2. Faruqi & Faruqi, LLP is Investigating Pain Therapeutics Inc. on Behalf of its Shareholders (PTIE)
3. Amylin Pharmaceuticals, Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation Of Acquisition By Bristol-Myers Squibb Company
4. Ampios CEO and CSO Send Message to Shareholders
5. Berger & Montague, P.C. Reminds Viropharma Shareholders That The Deadline To Petition The Court To Act As Lead Plaintiff Is July 23, 2012
6. Sinovac Schedules 2012 Annual Meeting of Shareholders
7. Par Pharmaceutical Companies, Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation Of Acquisition By TPG
8. Johnson & Johnson Provides Notice Of Proposed Settlement Of Shareholder Derivative Actions, Final Settlement Hearing, And Right To Appear
9. Carl Icahn Issues Open Letter to Shareholders of Forest Laboratories
10. AMRI Renews Shareholder Rights Plan
11. AspenBio Pharma to Provide Shareholders with Business Update
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/19/2017)... Sept. 19, 2017   ZirMed Inc ., a recognized ... announced that it has been ranked #1 by its users ... Rankings 2017 User Survey. ZirMed was recognized as the ... hospitals and medical centers over 200 beds and holds one ... technology user survey history. ...
(Date:9/13/2017)... has been named the official orthopedic and sports medicine ... 2018 College Football Playoff (CFP) National Championship to be played ... Atlanta, Georgia . OrthoAtlanta is proud to be ... many activities leading up to, and including the national championship ... OrthoAtlanta serves ...
(Date:9/12/2017)... FRANCISCO , Sept. 12, 2017  ValGenesis ... Management Solutions (VLMS), is pleased to announce the ... a member of its Board of Directors and ... ValGenesis VLMS enables life science companies to manage ... the use of paper in this process. Furthermore, ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... ... As health professionals work to improve their approach to healthcare, there is ... than filling out a survey; in many cases health professionals and patients are working ... and research on the importance of active engagement with patients and members of the ...
(Date:10/13/2017)... ... , ... The American Board of Family Medicine's (ABFM) Board of Directors has ... succeeding Dr. James C. Puffer upon his retirement. Dr. Newton will serve in the ... at the end of 2018. Upon assuming the role of President and CEO on ...
(Date:10/13/2017)... ... October 13, 2017 , ... PurhealthRX , a leading Health and ... Applying the Purzorb™process to full spectrum CBD oil will revolutionize the rapidly growing CBD ... that can be easily incorporated into liquid products, while reducing costs to end users. ...
(Date:10/13/2017)... ... October 13, 2017 , ... Lori R. Somekh, founder of the ... a national organization of elder law and special needs planning attorneys. “Membership in ElderCounsel ... also provides a forum to network with elder law attorneys nationwide,” said Somekh. ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Many families ... However, many long-term care insurance companies have a waiver for care if the client ... elimination period, when the family pays for care, is often waived, so the benefits ...
Breaking Medicine News(10 mins):