Files BURLINGAME, Calif.- LAWFUEL – Press Release Service –July 28, 2006–Cotchett, Pitre, Simon & McCarthy (“Cotchett Pitre”) today announced that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of common stock of FoxHollow Technologies, Inc. (“FoxHollow” or the “Company”) (NASDAQ:FOXH) during the period between May 13, 2005 through January 26, 2006 (the “Class Period”).
Plaintiff’s complaint alleges that FoxHollow, and certain of its officers and directors, violated Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. FoxHollow engages in the manufacture and sale of a medical device, called the SilverHawk, used to treat artery disease. Plaintiff alleges that, during the Class Period, defendants issued materially false and misleading statements that misrepresented or concealed adverse facts, including that FoxHollow’s Chairman had directed management to acquire another private company, called Lumend, for his own benefit and ultimately caused the Company to terminate certain senior management based on their refusal to go along with the acquisition. When FoxHollow announced that members of its senior management, including the CEO, COO and VP of Sales were being replaced, in December 2005 and January 2006, the price of FoxHollow’s stock dropped nearly 50% on extremely heavy volume.
Plaintiff seeks to recover damages on behalf of all purchasers of FoxHollow common stock during the Class Period (the “Class”). The plaintiff is represented by Cotchett Pitre, which has extensive experience prosecuting class actions and representing investors in matters relating to alleged securities fraud.
If you are a member of the class described above, you may, not later than sixty days from today, July 28, 2006, move the Court to serve as lead plaintiff of the class. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, you may contact Cotchett, Pitre, Simon & McCarthy, 840 Malcolm Road, Suite 200, Burlingame, California 94010 or visit the website at www.cpsmlaw.com.