SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 from Investment in Delcath Systems, Inc. to Contact Brower Piven Before the July 8, 2013 Lead Plaintiff Deadline
STEVENSON, Md.--(BUSINESS WIRE)-- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Delcath Systems, Inc. ("Delcath" or the "Company") (NasdaqCM: DCTH) common stock during the period between April 21, 2010 and May 2, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Delcath Systems, Inc. common stock purchased on or after April 21, 2010, and held through any of the revelations of negative information on February 22, 2011, April 30, 2013 and/or May 2, 2013 as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 8, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's New Drug Application ("NDA") for the Melblez Kit for treatment of patients with unresectable ocular melanoma metastatic to the liver posed substantial adverse risk to patients and that the Company's manufacturing facilities were in violation of Current Good Manufacturing Practices. According to the complaint, following the Company's February 22, 2011 disclosure that it had received a "refusal to file" letter from the U.S. Food and Drug Administration ("FDA") for its new drug application for its proprietary chemosaturation system, the April 30, 2013 publication of an FDA briefing document that revealed that 7% of the 122 patients treated with the Melblez kit died as a result of the treatment, and the Company's May 2, 2013 disclosure that the Oncologic Drugs Advisory Committee voted 16 to 0 that the benefits of treatment with Delcath's Melblez Kit did not outweigh the risks associated with the procedure, the value of Delcath shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
KEYWORDS: United States North America Maryland
The article SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 from Investment in Delcath Systems, Inc. to Contact Brower Piven Before the July 8, 2013 Lead Plaintiff Deadline originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.