STEVENSON, Md., Oct. 11, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Atossa Genetics, Inc. ("Atossa" or the "Company") (Nasdaq:ATOS) securities during the period between November 8, 2012 and October 4, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Atossa Genetics, Inc. securities purchased on or after November 8, 2012, and held through any of the revelations of negative information on February 25, 2013 and/or October 4, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 9, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was required, but failed, to submit documentation necessary to obtain clearance from the U.S. Food and Drug Administration ("FDA") after making changes to its Nipple Aspirate Fluid specimen collection process, that the Company improperly marketed its ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology Test ("MASCT"), and that the Company violated the FDA's Good Manufacturing Practices regulations. According to the complaint, following the Company's February 25, 2013 disclosure that it had received a warning letter from the FDA regarding the Company's failure to submit required documentation required due to changes to its MASCT System and MASCT System Collection Test (together, the "System") and which raised issues with respect to the marketing of the System and the Company's compliance with FDA Good Manufacturing Practices regulations, and following the Company's October 4, 2013 disclosure announcing a voluntary recall to remove the ForeCYTE Breast Health Test and the MASCT device from the market after receiving a warning letter from the FDA, the value of Atossa shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616