Class Action Suit Filed Against Advanced Tissue Sciences and its Officers Alleging Misrepresentations.SAN DIEGO--(BUSINESS WIRE)--June 23, 1998--A class action has been commenced in the United States District Court for the Southern District of California The United States District Court for the Southern District of California is the federal district court whose jurisdiction comprises the following counties in California: Imperial and San Diego. on behalf of purchasers of Advanced Tissue Sciences ("Advanced Tissue") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATIS ATIS - A Tools Integration Standard ) common stock during the period January 13, 1997 through June 11, 1998 (the "Class Period"), alleging that Advanced Tissue and the Company's two principal officers violated the federal securities laws issuing a series of false and misleading statements about clinical data from studies of the Company's Dermagraft skin patch skin patch, transdermal patch, or transdermal delivery system, adhesive patch used to deliver a controlled dose of a drug through the skin over a period of time. product in the treatment of diabetic foot diabetic foot A foot with a constellation of pathologic changes affecting the lower extremity in diabetics, often leading to amputation and/or death due to complications; the common initial lesion leading to amputation is a nonhealing skin ulcer, induced by ulcers. The complaint alleges that defendants falsely represented that there was a statistically significant difference in complete wound closure rate in patients with diabetic foot ulcers who were treated with Dermagraft compared to control patients. In fact, the complaint alleges, the difference was not statistically significant by standard statistical measures. As a result, the Dermagraft studydata did not meet the standards for approval by the U.S. Food & Drug Administration ("FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. "). Moreover, more patients treated with Dermagraft needed wound site surgery than control patients and Dermagraft-treated patients had a higher infection rate. On June 11, 1998, Advanced Tissue announced that the FDA had determined that the Dermagraft study data was inadequate for marketing approval. Following that announcement the price of Advanced Tissue stock, which was as high as $17 per share during the Class Period, fell to less than $3.85 per share, from more than $7 per share the previous day, on volume of almost 7.5 million shares. Plaintiff seeks to recover damages on behalf of all purchasers of Advanced Tissue common stock during the Class Period (the "Class"). The plaintiff is represented by several law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , San Diego, San Francisco and Los Angeles and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. Visit the firm's website at http://www.milberg.com. If you are a member of the Class described above, you may, no later than 60 days from today, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach, Alan Schulman or Darren Robbins of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com.
CONTACT: Milberg Weiss Bershad Hynes & Lerach LLP
William Lerach, 800/449-4900
wsl@mwbhl.com
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