INVESTOR ALERT: Class Action Lawsuit Against EDAP TMS S.A. Filed By Glancy Binkow & Goldberg LLP
13 August 2014 - 12:32AM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of EDAP
TMS S.A. (“EDAP” or the “Company”) (NASDAQ:EDAP), has filed a class
action lawsuit in the United States District Court for the Southern
District of New York on behalf of a class (the “Class”) comprising
purchasers of the Company’s securities between February 1, 2013 and
July 30, 2014, inclusive (the "Class Period").
Please contact Casey Sadler at (310) 201-9150, or at
shareholders@glancylaw.com to discuss this matter. If you inquire
by email, please include your mailing address, telephone number and
number of shares purchased.
EDAP, through its subsidiaries, develops, produces and markets
minimally invasive medical devices for the treatment of urological
diseases. The Company offers the Ablatherm-HIFU device for the
treatment of organ-confined prostate cancer. The Complaint alleges
that defendants made false and/or misleading statements and/or
failed to disclose that: (i) the Company overstated the efficacy
and safety of its Ablatherm trials by relying on cross-study
comparisons rather than a head-to-head trial; (ii) the study’s
survival endpoint was inappropriate for the patient population; and
(iii) as a result of the above, the Company's statements about its
business and operations were materially false and misleading at all
relevant times.
On July 30, 2014, the FDA announced that the panel convened to
review EDAP’s Ablatherm-HIFU submission unanimously found that EDAP
had failed to demonstrate the efficacy of its product or that it
had demonstrated that the benefits of the device outweighed its
risk. Following this news, shares of EDAP declined more than 40
percent on July 31, 2014.
If you are a member of the Class described above, you may move
the Court no later than October 3, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CACasey
Sadler(310) 201-9150(888) 773-9224shareholders@glancylaw.comwww.glancylaw.com
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