LawFuel.com – Shareholder Rights Law Firm Johnson & Weaver, LLP today announced that it is investigating whether the board of directors of Atossa Genetics, Inc. (NASDAQ:ATOS) breached its fiduciary duties to shareholders related to Atossa’s October 4, 2013 disclosure that it would be forced to recall its ForeCYTE Breast Health Test and Mammary Aspiration Specimen Cytology Test. The recall was necessary to address concerns raised by the U.S. Food and Drug Administration (“FDA”). The FDA previously alerted the Company to concerns regarding the recalled products back in February 2013, and those concerns may not have been addressed by Atossa.
On this news, shares of Atossa plummeted $2.47 — or approximately 46% and a shareholder filed a federal securities fraud class action complaint in the U.S. District Court for the Western District of Washington. The class action lawsuit alleges that the Company and certain of its officers violated the Securities and Exchange Act of 1934 between November 8, 2012 and October 4, 2013.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you have held Atossa shares continuously since at least November 8, 2012, you may have standing to hold the Company harmless from the damage the officers and directors caused by making them personally responsible. You may also be able to assist in reforming the Company’s corporate governance to prevent future wrongdoing.
If you are a shareholder of Atossa and believe: 1) damage was caused to the Company, and 2) officers or directors are responsible for the damage and they should be held liable rather than the Company and its shareholders, please contact lead analyst Jim Baker ([email protected]) at 619-230-0063, Ext.118.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.