NEW YORK, Aug. 14, 2002 (PRIMEZONE) -- On August 14, 2002, the FDA ordered Cryolife (NYSE:CRY), a human tissue-processing firm, to recall distributed human tissue processed subsequent to October 3, 2001. The FDA issued the order because it determined that Cryolife cannot ensure that the human tissue it processes for transplantation is free from fungal and bacterial contaminants. A FDA spokeswoman has been quoted as stating that the order was "necessary to protect the public health." The FDA recall order will affect the majority of Cryolife's reported revenue.
Trading in Cryolife common stock was halted upon issuance of the FDA order. Prior to the issuance of the FDA order, Cryolife common stock had fallen from as high as $31.31 as recently as May 3, 2002, to a price of $5.60. Cryolife common stock is expected to trade at substantially lower prices after the trading halt is lifted.
The FDA's order follows by approximately one month the filing by Wolf Popper LLP of a securities fraud class action complaint against Cryolife and two of its senior officers. Wolf Popper specializes in representing investors in securities class actions. The lawsuit against Cryolife was initially filed by Wolf Popper on behalf of purchasers of Cryolife common stock from April 2, 2001 through July 5, 2002, inclusive. A copy of the complaint is available from the U.S. District Court for the Northern District of Georgia and on Wolf Popper's website (www.wolfpopper.com).
On the basis of the recent revelations in the FDA's August 14, 2002 order, Wolf Popper intends to amend the class action complaint to extend the class period to April 2, 2001 through August 14, 2002.
Any member of the class who purchased Cryolife common stock from April 2, 2001 through August 14, 2002, may seek to be appointed lead plaintiff in the class action by filing a lead plaintiff motion with the Court no later than September 6, 2002. Class members must meet certain legal requirements to serve as a lead plaintiff. If you have questions or information regarding this action, or if you are interested in further information concerning the lawsuit or in serving as a lead plaintiff in the action, you may call or write:
Wolf Popper LLP, Robert C. Finkel, Esq. 845 Third Avenue, New York, NY 10022-6689
Tel.: 212.451.9620, Toll Free: 877.370.7703; Fax: 212.486.2093, Toll Free: 877.370.7704
Email: irrep@wolfpopper.com; website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca