Atossa Genetics Inc (NASDAQ: ATOS) Investor Securities Class Action Lawsuit 10/10/2013

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Company Name(s): 
Atossa Genetics
Case Name: 
Atossa Genetics Shareholders Class Action Lawsuit 10/10/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ATOS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/10/2013
Class Period Begin: 
12/20/2012
Class Period End: 
10/04/2013
Court of Filing: 
U.S. District Court for the Western District of Washington
Deadline To File for Lead: 
12/09/2013
Date Settled: 
04/13/2018
Settlement Amount: 
$3,500,000
Deadline to Participate in Settlement: 
08/20/2018
Summary: 

July 20, 2018 - The court approved the settlement and the plan of allocation and entered the order approving the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

April 13, 2018 - The court preliminarily approved the settlement.

March 23, 2018 - Parties filed a stipulation of settlement.

October 19, 2017 - The lead plaintiffs filed a second amended complaint on behalf of investors who purchased Atossa Genetics Inc (NASDAQ: ATOS) common shares between December 20, 2012 and October 4, 2013. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between December 20, 2012 and October 4, 2013.

August 18, 2017 - The U.S. Court of Appeals for the Ninth Circuit affirmed in part, reversed in part, vacated in part and remanded the judgement of the district court.

November 3, 2014 - The lead plaintiffs filed a notice of appeal.

October 31, 2014 - The court dismissed the case, the lead plaintiffs failed to file an amended complaint.

October 6, 2014 - The court granted the defendants' motions to dismiss and granted the lead plaintiffs leave to file an amended complaint.

May 30, 2014 - The defendants filed motions to dismiss.

April 15, 2014 - Th lead plaintiffs filed an amended complaint.

February 14, 2014 - The lead plaintiffs and lead counsel were appointed.

December 9, 2013 - Lead plaintiff motions were filed.

October 10, 2013 - An investor in shares of Atossa Genetics Inc (NASDAQ: ATOS) filed a lawsuit in the U.S. District Court for the Western District of Washington against Atossa Genetics Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 8, 2012 and October 4, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise otherwise acquired Atossa Genetics Inc (NASDAQ: ATOS) between November 8, 2012 and October 4, 2013, that Atossa Genetics Inc and certain of its officers and directors violated the Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that the Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose to Atossa Genetics Inc (NASDAQ: ATOS) investors that Atossa Genetics Inc was required, but failed, to submit an additional 510(k) notification to obtain necessary U.S. Food and Drug Administration ("FDA") clearance as it made material changes to the Nipple Aspirate Fluid specimen collection process, that Atossa Genetics Inc improperly marketed its devices by using certain promotional claims to market the ForeCYTE Breast Health Test and the MASCT device, that Atossa Genetics Inc was in violation of FDA Good Manufacturing Practices regulations, and that as a result of the foregoing, Atossa Genetics Inc's statements were materially false and misleading at all relevant times.

Atossa Genetics Inc reported that its Net Loss increased from $3.44 million in 2011 to $5.08 million in 2012.

On February 25, 2013, Atossa Genetics Inc disclosed that on February 21, 2013, it had received a warning letter from the FDA regarding its MASCT System and MASCT System Collection Test.

Shares of Atossa Genetics Inc (NASDAQ: ATOS) declined from $12.37 per share in March 2013 to $4.40 in August 2013.

Then on October 4, 2013 Atossa Genetics Inc announced that it initiated a voluntary recall to remove the ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology Test (“MASCT”) device from the market. Atossa Genetics Inc said that the recall includes the MASCT System Kit and Patient Sample Kit. Atossa Genetics Inc advised distributors and customers to stop using affected products and return them to Atossa Genetics Inc immediately. Atossa Genetics Inc said it is removing the ForeCYTE Breast Health Test and the MASCT device from the market to address concerns raised by the U.S. Food and Drug Administration (“FDA”) in a warning letter received by Atossa Genetics Inc in February 2013.

Shares of Atossa Genetics Inc (NASDAQ: ATOS) declined from $7.48 per share on Sept. 18, 2013, respectively $5.35 per share on October 4, 2013, to as low as $1.911 per share on Oct. 9, 2013.

On October 10, 2013, Atossa Genetics Inc (NASDAQ: ATOS) shares closed at $2.04 per share.