NEW YORK, Aug. 26, 2011 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of those who purchased securities of BioMimetic Therapeutics, Inc. ("BioMimetic" or the "Company") (Nasdaq:BMTI) between October 14, 2009, and May 11, 2011 (the "Class Period").
The lawsuit alleges that Defendants made false and/or misleading statements and/or failed to disclose material facts regarding the Company's business, operations, management, future business prospects, and the intrinsic value of BioMimetic's common stock; the safety and efficacy of BioMimetic's product Augment Bone Graft ("Augment") and its prospects for FDA approval; and the inadequacies of Augment's clinical trials. In May 2011, it was revealed that the FDA had clinical concerns with the safety and overall risk/benefit of Augment and with the question of safety in regards to the potential for cancer formation. Shares of BioMimetic fell 35% to $8.66 per share on May 10 after the news of the FDA report became public.
If you purchased BioMimetic securities during the Class Period you may, no later than September 6, 2011, request that the court appoint you as lead plaintiff of the proposed class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney:
Andrei V. Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.