ATLANTA, July 9, 2002 (PRIMEZONE) -- Holzer & Holzer announced today that a class action has been commenced in the United States District Court for the Northern District of Georgia on behalf of purchasers of CryoLife, Inc. (NYSE:CRY) ("CryoLife" or the "Company") publicly traded securities during the period between August 11, 2000 and June 26, 2002, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The complaint charges that the Company, although purporting to be a "leader in the development and commercialization of implantable human tissue" and that "patient safety is of paramount concern to us" was, in reality not in compliance with Food and Drug Administration ("FDA") guidelines. Inherent in those representations is that the Company abides by and follows all FDA rules, regulations, and guidelines. The complaint alleges that on June 17, 2002, the FDA sent a letter to CryoLife detailing a laundry list of deficiencies and safety hazards at the Company's Kennesaw, Georgia facility. The complaint alleges that on June 24, 2002, the Company issued a press release which stated that "since its inception, it has never before received a warning letter." The complaint alleges that this statement was blatantly false as the Company received a similar FDA warning letter in 1997 which detailed "serious regulatory problems." The complaint further alleges that the effect on CryoLife's stock price was significant and dramatic as the stock fell 18% on June 25, 2002 and an additional 16% on June 26, 2002. After trading as high as $31.31 on May 3, 2002, the stock dipped below $16.00 per share on June 27, 2002.
If you bought CryoLife publicly traded securities between August 11, 2000 and June 26, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than September 6, 2002. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com.
Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, GA, but represents investors in securities class action lawsuits throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca