Saxena White P.A. Reminds All Matrixx Initiatives, Inc. Investors of September 15, 2009 Lead Plaintiff Deadline -- MTXX
BOCA RATON, Fla., Sept. 4, 2009 (GLOBE NEWSWIRE) -- Saxena White P.A. reminds all purchasers of Matrixx Initiatives, Inc. ("Matrixx" or the Company) (Nasdaq:MTXX) securities between December 22, 2007 and June 15, 2009, inclusive, that September 15, 2009 is the lead plaintiff deadline in the class action currently pending in the United States District Court for the District of Arizona.
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.
A copy of the complaint may be viewed at the firm's website at www.saxenawhite.com. If you purchased Matrixx stock between December 22, 2007 and June 15, 2009, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests:
Joseph E. White, III jwhite@saxenawhite.com
Greg Stone gstone@saxenawhite.com
If you wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the court no later than September 15, 2009. Click here to exercise your rights regarding the appointment as a lead plaintiff. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., which has offices in Boca Raton and Boston, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
CONTACT: Saxena White P.A.
(561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com
2424 North Federal Highway, Suite 257
Boca Raton, FL 33431
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