NEW YORK, April 29, 2004 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of Massachusetts, on behalf of all persons or entities who purchased or otherwise acquired Vaso Active Pharmaceuticals, Inc. ("Vaso" or the "Company") securities (Pink Sheets:VAPH) between December 11, 2003 through March 31, 2004, both dates inclusive (the "Class Period"). The Complaint names John J. Masiz, Joseph Frattaroli, and the Company as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Murray, Frank & Sailer LLP, 275 Madison Avenue, Suite 801, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at info@murrayfrank.com.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. The complaint alleges that during the Class Period, defendants misrepresented that the New England Medical Center in Boston, Massachusetts had conducted "independent" clinical trials confirming that its foot cream product, Termin8, was a "remarkably effective cure." Vaso then based their financial projections upon such misrepresentations, leading to an artificial inflation of the Company's future financial prospects. In truth, the New England Medical Center only analyzed the study for a fee and did not actually conduct it, and the sole researcher who conducted the research was a lone podiatrist who was hand-picked by Vaso's parent company, BioChemics.
On April 1, 2004, the Securities and Exchange Commission ("SEC") announced that it was suspending the trading of Vaso stock due to questions regarding the accuracy of assertions made by Vaso in press releases, its annual report, its registration statement and public statements to investors. On April 16, 2004, the SEC permitted the stock to resume trading. It resumed trading on the over-the-counter bulletin board exchange (the "OTC-BB market") at $1.99, a 73.8% drop in share price.
Plaintiff is represented by the law firm of Murray, Frank & Sailer LLP. Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Vaso securities during the Class Period described above, you may, no later than June 7, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh at Murray, Frank & Sailer LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca