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 Comany 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
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 (firstname.lastname@example.org)
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.
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