Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Delcath Systems, Inc.
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of the securities of Delcath Systems, Inc. ("Delcath" or the "Company") (NAS: DCTH) between April 21, 2010 and May 2, 2013, inclusive (the "Class Period").
Delcath operates as a specialty pharmaceutical and medical device company focusing on the field of oncology, primarily the development of CHEMOSAT/Melblez Kit system, which administers concentrated regional chemotherapy to the liver. The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company's New Drug Application seeking Food and Drug Administration (FDA) approval for commercial sale of Melblez Kit -- Melblez (melphalan) for Injection for use with the Delcath Hepatic Delivery System -- for the treatment of patients with unresectable ocular melanoma metastatic to the liver, including substantial and severe toxicity, and deaths associated with the drug's adverse reactions.
On May 2, 2013 the Company disclosed that the FDA's Oncologic Drugs Advisory Committee voted 16-0, with no abstentions, that Melblez Kit's treatment benefits do not outweigh the risks associated with the procedure. The next day, as a result of this news, the price of Delcath shares dropped more than 40% on extremely heavy trading volume.
If you are a member of the above-described Class, you may move the Court no later than July 8, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you purchased Delcath stock prior to the Class Period and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to email@example.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
The Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
KEYWORDS: United States North America California
The article Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Delcath Systems, Inc. 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.