Case Page

 

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

Filing Date: July 06, 2011

According to the Complaint filed on July 7, 2011, the plaintiffs allege that the defendant disseminated false and misleading information regarding the clinical studies, and the safety and efficacy of the company’s product. These statements concerned (a) the defendant’s operations, management, business prospects and the intrinsic value of the company’s common stock; (b) the safety and efficacy of Augment and the company’s prospects for FDA approval; and (c) the woeful inadequacies of clinical trials. Subsequently, after a narrow vote by the FDA's Orthopedic and Rehabilitation Devices Panel of the Medical Devices Advisory Committee, the defendant’s share’s declined nearly 12%.

Based on these allegations, the plaintiffs brought suit for violations of Sections 10(b) and 20(a) of the Exchange act and Rule 10b-5.

On July 15, 2011, the Court issued an order reassigning the case to Judge Kevin H. Sharp and releasing Judge William J. Hayes, Jr. from any further proceedings.

On September 26, 2011, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On November 28, 2011, lead plaintiff filed a consolidated and amended complaint.

On January 10, 2013, the Court granted the motion of the Defendants to dismiss the securities class action lawsuit that had been filed against the company over its disclosures concerning developments in the clinical trials of its flagship product.

On April 30, 2013, the Court issued an Order denying Plaintiffs' Motion to Alter or Amend the Order and Judgment of Dismissal with Prejudice. On May 1, the Plaintiffs filed a Notice appealing this decision and the earlier Order dismissing this case.

On March 28, 2014, The Appellate Court entered an opinion together with the judgment affirming the District Court’s decision, which has been entered in conformity with Rule 36, Federal Rules of Appellate Procedure.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: BMTI
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: M.D. Tennessee
DOCKET #: 11-CV-00653
JUDGE: Hon. William J. Haynes, Jr
DATE FILED: 07/06/2011
CLASS PERIOD START: 10/14/2009
CLASS PERIOD END: 05/11/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bramlett Law Offices (Nashville)
    2400 Crestmoor Road; P.O. Box 150734, Bramlett Law Offices (Nashville), TN 37215
    615.248.2828 866.816.4116 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: M.D. Tennessee
DOCKET #: 11-CV-00653
JUDGE: Hon. William J. Haynes, Jr
DATE FILED: 11/28/2011
CLASS PERIOD START: 10/14/2009
CLASS PERIOD END: 05/15/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bramlett Law Offices (Nashville)
    2400 Crestmoor Road; P.O. Box 150734, Bramlett Law Offices (Nashville), TN 37215
    615.248.2828 866.816.4116 ·
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
No Document Title Filing Date