Case Page

 

Case Status:    SETTLED
On or around 03/28/2014 (Other)

Filing Date: July 17, 2009

According to a press release dated July 17, 2009, the complaint was filed in the United States District Court for the District of Arizona and seeks damages for violations of federal securities laws on behalf of all investors who purchased Matrixx stock between December 22, 2007 and June 15, 2009, inclusive (the "Class Period"). Matrixx is a nutrient and drug delivery company that develops, manufactures and markets delivery systems for bioactive compounds. The Company, through its subsidiary, produces, markets and sells, among other pharmaceutical products, Zicam Cold Remedy nasal gel, Zicam Cold Remedy gel swabs, and Zicam Cold Remedy children's swabs.

The Complaint alleges that, throughout the Class Period, Defendants failed to disclose material adverse facts concerning the Company's operational well-being and future prospects. Specifically, Defendants failed to disclose or indicate (1) that Matrixx had received notice of hundreds of serious adverse events involving consumers' use of the Zicam Cold Remedy Products; (2) that Matrixx failed to report these incidents to the FDA despite having an obligation to do so; (3) that the Company failed to comply with FDA regulations despite repeated assurances of its compliance; and (4) that, as a result of the foregoing, the Company's statements about its meeting FDA regulations were false and misleading when made.

As a result of this news, the Company's shares declined $13.46 per share, or an astounding 70 percent, to close on June 16, 2009 at $5.78 per share, on unusually heavy trading volume.

On July 27, 2010, an order was issued by the court appointing lead plaintiff and lead counsel in the in this action.

On September 27, 2010, an Amended Class Action Complaint was filed by the lead plaintiffs against the defendants.

On September 26, 2011, the Defendants’ Motion to Dismiss the Plaintiffs’ Amended Class Action Complaint was Denied.

On July 31, 2012, the plaintiffs’ motion to certify class, appoint lead plaintiff as class
representative, and appoint class counsel was granted.

On September 6, 2012, an Order Regarding Class Certification Notice Procedures was issued by the Court.

On October 19, 2012, the parties participated in a mediation before Judicial Mediation Arbitration Services and the parties reached an agreement in principle regarding the settlement of this case. The parties are currently working to prepare the formal settlement papers to be submitted to the Court for approval.

On November 13, 2012, an Order was issued by the Court dismissing this case with prejudice until further notice, unless there is a request for reinstatement on the Court’s trial calendar is filed herein.

On January 29, 2013, the Parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on May 1.

On September 6, 2013, the Court issued an Order awarding attorneys' fees and expenses. The Court also issued a Final Judgment approving the Settlement and ordering this case dismissed with prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MTXX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Arizona
DOCKET #: 09-CV-01479
JUDGE: Hon. Edward C Voss
DATE FILED: 07/17/2009
CLASS PERIOD START: 12/22/2007
CLASS PERIOD END: 06/15/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
  3. Tiffany & Bosco, P.A.
    Third Floor Camelback; Esplanade II; 2525 East Camelback Road, Tiffany & Bosco, P.A., AR 85016-4237
    602.255.6000 602.255.6000 · general@tblaw.com
No Document Title Filing Date
COURT: D. Arizona
DOCKET #: 09-CV-01479
JUDGE: Hon. Edward C Voss
DATE FILED: 09/27/2010
CLASS PERIOD START: 12/22/2007
CLASS PERIOD END: 06/15/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (Los Angeles)
    10866 Wilshire Boulevard Suite 1470, Faruqi & Faruqi LLP (Los Angeles), CA 90067
    (424) 256-2884 (424) 256-2885 ·
  2. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  3. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
No Document Title Filing Date