HARTFORD, Conn., July 31, 2006 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of all persons who purchased or otherwise acquired the common stock of FoxHollow Technologies, Inc. ("FoxHollow" or the "Company") (Nasdaq:FOXH) between May 13, 2005 through January 26, 2006, inclusive, (the "Class Period").
The Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements. Specifically, defendants misrepresented or concealed adverse facts, including that FoxHollow's Chairman had directed management to acquire another private company, called Lumend, for his own benefit and ultimately caused the Company to terminate certain senior management based on their refusal to go along with the acquisition. When FoxHollow announced that members of its senior management, including the CEO, COO and VP of Sales were being replaced, in December 2005 and January 2006, the price of FoxHollow's stock dropped nearly 50%.
If you are a member of the class, you may, no later than September 26, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.