SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

July 07, 2011 18:57 ET

Levi & Korsinsky Notifies Investors With Losses on Their Investment in BioMimetic Therapeutics, Inc. of Class Action Lawsuit and the September 6, 2011 Lead Plaintiff Deadline

NEW YORK, NY--(Marketwire - Jul 7, 2011) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court, Middle District of Tennessee on behalf of purchasers of BioMimetic Therapeutics, Inc. ("BioMimetic") (NASDAQ: BMTI) who purchased between October 14, 2009 and May 11, 2011.

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The Complaint alleges that, among other allegations, defendants violated federal securities laws by disclosing materially false and/or misleading information and/or failing to disclose material facts regarding the product safety and efficacy of the Company's off-the-shelf bone growth factor product, Augment™ Bone Graft ("Augment"). The Complaint also alleges that BioMimetic misrepresented the inadequacies of Augment's clinical trials.

On May 10, 2011, the FDA published briefing documents that criticized the "safety and overall risk/benefit of the device at this time, primarily due to the unanswered question of safety in regards to the potential for cancer formation versus an unproven benefit in the current standard for care." Upon the release of these documents, shares of BioMimetic plummeted more than 35% to close at $8.66 per share.

If you are a member of the class and suffered a loss in BioMimetic stock, you have until September 6, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph E. Levi, Esq. either via email at or by telephone at (877) 363-5972, or visit

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171