NEW YORK, May 13, 2004 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the District of Massachusetts (Civil Action No. 04-CV-10948) on behalf of all purchasers of securities of Vaso Active Pharmaceuticals, Inc. ("Vaso Active" or the "Company") (Pink Sheets:VAPH) between December 11, 2003 and March 31, 2004, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The Complaint names as defendants Vaso Active Pharmaceuticals, Inc., John J. Masiz and Joseph Frattaroli. The Complaint alleges that Defendants issued a series of materially false and misleading statements that operated as a fraud on purchasers of Vaso Active common stock during the Class Period. More specifically, during the Class Period, the Defendants misrepresented that its foot cream product, Termin 8, was a "remarkably effective cure" for athlete's foot, confirmed through "independent" clinical trials conducted by "independent physicians" and reviewed by the New England Medical Center in Boston, MA. In reality, the person who supervised the study was a lone podiatrist hand-picked by BioChemics Inc., parent company of Vaso Active. Furthermore, the New England Medical Center did nothing more than analyze the statistical information gathered by BioChemics Inc., a service that the Center provides to their paying customers. The New England Medical Center had confirmed in news articles that it was unable to draw any conclusions about the effectiveness of Termin 8, since it had no involvement in selecting the patients and gathering the evidence.
On April 1, 2004, the market was shocked to hear the SEC announcement of suspending the trading of Vaso Active stock due to questions regarding the accuracy of assertions made by Vaso Active press releases, its annual report, its registration statement and public statements to investors.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Vaso Active securities during the Class Period. If you purchased or otherwise acquired Vaso Active securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Vaso Active securities during the Class Period, you may, no later than June 7, 2004 request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact:
Susan Lee Abbey Gardy, LLP 212 East 39th Street New York, New York 10016 (212) 889-3700 (800) 889-3701 (Toll Free) Or e-mail her at slee@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca