SAN DIEGO & LYON, France, Aug. 6,
2014 /PRNewswire/ -- Shareholder rights law firm
Robbins Arroyo LLP announces that an investor of EDAP TMS S.A.
(NASDAQ: EDAP) has filed a federal securities fraud class action
complaint in the U.S. District Court for the Southern District of
New York. The complaint alleges that the company and certain
of its officers and directors violated the Securities Exchange Act
of 1934 between February 1, 2013 and
July 30, 2014 (the "Class
Period"). EDAP develops, produces, and markets minimally
invasive medical devices for the treatment of urological
diseases.
EDAP Is Accused of Overstating the Safety of
Ablatherm
According to the complaint, on July 28,
2014, shares of EDAP dropped over 25% to close at
$3.65 following the release of a U.S.
Food and Drug Administration staff report questioning whether
EDAP's testing methods were adequate. Specifically, the FDA staff
report listed concern with EDAP's safety and effectiveness data
because it was collected by comparing patients in two separate
studies instead of a head-to-head trial. To acquire their data,
EDAP used a registry of patients in Europe with organ-confined prostate cancer who
had used Ablatherm, a High Intensity Focused Ultrasound device, as
a treatment method and a subgroup of patients in a U.S. Department
of Veterans Affairs trial who underwent a surgical treatment.
EDAP's data showed that after eight years, patients who used
Ablatherm has a 1.1 % risk of their cancer spreading compared to
1.4% risk for those patients who underwent surgery.
The complaint further alleges that EDAP made false and/or
misleading statements and failed to disclose: (i) the company was
overstating the efficacy and safety of its Ablatherm trials and
using faulty statistical methods and presenting misleading data;
(ii) the company was understating the frequency of adverse events
in its trials for Ablatherm; and (iii) as a result, the company's
financial statements were materially false and misleading.
EDAP Investors Are Encouraged to Contact Shareholder
Rights Law Firm Robbins Arroyo LLP
If you invested in EDAP and would like to discuss your
shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003,
DDonahue@robbinsarroyo.com, or via the information form on the
firm's shareholder rights blog:
www.robbinsarroyo.com/shareholders-rights-blog/edap-tms-s-a
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP