WEST HARTFORD, CT--(Marketwire - 07/08/11) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of Tennessee on behalf of purchasers of the securities of BioMimetic Therapeutics, Inc. ("BMTI" or the "Company") (NASDAQ:BMTI - News) between October 14, 2009 through May 11, 2011, inclusive (the "Class Period").The Complaint charges that BMTI and certain of its officers and directors violated federal securities laws. Specifically the Complaint alleges that defendants made false statements and/or failed to disclose material facts regarding: (i) the Company's business, operations, management, future business prospects and the intrinsic value of BMTI's common stock; (ii) the safety and efficacy of the Company's bone growth factor product, Augment™ Bone Graft ("Augment"), for the treatment of bone defects and injuries and its prospects for FDA approval; and (iii) the woeful inadequacies of Augment's clinical trials.On May 10, 2011, the FDA published briefing documents on Augment that were critical of Augment's clinical trial, stating the "FDA still has clinical concerns with 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." On this news, BMTI's stock fell approximately 35% to close at $8.66.If you are a member of the class, you may, no later than September 6, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/biomimetictherapeutics/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.
- United States District Court
- Izard Nobel LLP
- Izard Nobel LLP
- BioMimetic Therapeutics, Inc.