Contact Information: Contact: Peretz Bronstein or Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Matrixx Initiatives, Inc.
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - August 4, 2009) - Bronstein, Gewirtz & Grossman, LLC announces
that a class action has been filed in the United States District Court for
the District of Arizona on behalf of those who purchased or otherwise
acquired stock of Matrixx Initiatives, Inc. (NASDAQ : MTXX ), during the
period from December 22, 2007 through and including June 15, 2009 (the
"Class Period").
On December 22, 2006, President Bush signed into Law the Dietary Supplement
and Nonprescription Drug Consumer Act. The Act requires manufacturers,
packers, and distributors whose name appears on the a nonprescription drug
or dietary supplement product label to notify the FDA of any serious
adverse event report associated with the product's use within 15 business
day of receipt of such information. In mid June, the FDA through a letter
advised consumers to stop using Zicam Products because of the zinc in Zicam
swabs and gel may damage the sense of smell. According to the FDA, as of
December 2007, Matrixx was required to provide such reports of adverse
reaction to the agency.
Upon release of the news stated above, Matrixx stock plummeted from
approximately $19 per share to less than $7 per share. Since December of
2007, insiders, including the Executive VP and CFO, the VP of sales and the
VP of Research and Development, have sold more than $2.7 million worth of
Matrixx shares.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number. September 15, 2009 is the deadline for investors to
seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.