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Case Status:    ONGOING    
On or around 09/29/2017 (Ongoing date of last review)

Filing Date: October 10, 2013

According to the law firm press release, Atossa is a development-stage healthcare company. The Company is focused on the commercialization of cellular and molecular diagnostic risk assessment products and related services for the detection of pre-cancerous conditions that could lead to breast cancer.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Atossa's business and financial condition. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to Atossa investors that: (1) the Company was required, but failed, to submit an additional 510(k) notification to obtain necessary FDA clearance as it made material changes to the Nipple Aspirate Fluid specimen collection process; (2) the Company improperly marketed its devices by using certain promotional claims to market the ForeCYTE Breast Health Test and the MASCT device; (3) the Company was in violation of FDA Good Manufacturing Practices regulations; and (4) as a result of the foregoing, Atossa's statements were materially false and misleading at all relevant times.

On February 25, 2013, the Company disclosed that on February 21, 2013, it had received a warning letter from the U.S. Food and Drug Administration ("FDA") regarding its MASCT System and MASCT System Collection Test (together, the "System"). Specifically, in the warning letter, the FDA alleged that "the Company changed the System in a manner that requires submission of an additional 510(k) notification to the FDA" and the letter also raised "certain issues with respect to the Company's marketing of the System and the Company's compliance with FDA Good Manufacturing Practices (cGMP) regulations, among other matters." On this news, Atossa shares declined $0.3869 per share or nearly 5.6%, to close at $6.54 per share on February 25, 2013.

On October 4, 2013, after the market closed, the Company announced "a voluntary recall to remove the ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology Test (MASCT) device from the market" after receiving a warning letter from the U.S. Food and Drug Administration ("FDA"). On this news, Atossa shares declined $2.47 per share, or more than 46%, to close at $2.85 per share on October 7, 2013.

On February 14, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiffs filed an amended complaint on April 15.

On October 6, 2014, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs did not file an amended complaint within the deadline. As such, the Court dismissed this case with prejudice on October 30. Plaintiffs filed a Notice appealing this Order to the United States Court of Appeals on November 3.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ATOS
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: W.D. Washington
DOCKET #: 13-CV-01836
JUDGE: Hon. Ricardo S Martinez
DATE FILED: 10/10/2013
CLASS PERIOD START: 11/08/2012
CLASS PERIOD END: 10/04/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Zwerling Schachter & Zwerling LLP (Seattle)
    1904 Third Avenue, Suite 1030, Zwerling Schachter & Zwerling LLP (Seattle), WA 98101-1170
    206.223.2053. 206.223.2053. · inquiry@zsz.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 13-CV-01836
JUDGE: Hon. Ricardo S Martinez
DATE FILED: 04/15/2014
CLASS PERIOD START: 11/08/2012
CLASS PERIOD END: 10/04/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  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/
  4. Zwerling Schachter & Zwerling LLP (Seattle)
    1904 Third Avenue, Suite 1030, Zwerling Schachter & Zwerling LLP (Seattle), WA 98101-1170
    206.223.2053. 206.223.2053. · inquiry@zsz.com
No Document Title Filing Date