LOS ANGELES, May 14, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Vaso Active Pharmaceuticals, Inc. ("Vaso" or the "Company") (Pink Sheets:VAPH) between December 11, 2003 and March 31, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Vaso and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and material misrepresentations concerning Vaso's business and financial prospects artificially inflated the Company's stock price, inflicting damages on investors. Vaso commercializes, markets and sells over-the-counter pharmaceutical products. Plaintiff claims defendants misrepresented that the New England Medical Center in Boston, Massachusetts, had conducted "independent" clinical trials confirming Vaso's Termin8 foot-cream product was a "remarkably effective cure." The New England Medical Center, in fact, only analyzed the study for a fee and did not actually conduct it, and the sole researcher who conducted the research was a lone podiatrist who was hand-picked by Vaso's parent company, BioChemics.
On April 1, 2004, the Securities and Exchange Commission ("SEC") suspended trading of Vaso stock due to questions concerning the accuracy of assertions made in Vaso press releases, its annual report, its registration statement and in public statements to investors. On April 16, 2004, the SEC allowed Vaso to resume trading. The stock resumed trading on the OTC Bulletin Board exchange at $1.99, a 73.8% drop in share price.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than June 7, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca