MINNEAPOLIS, Aug. 12, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of Matrixx Initiatives, Inc. ("Matrixx" or the "Company") (Nasdaq:MTXX) publicly traded securities during the period December 22, 2007 through June 15, 2009 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before September 15, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Defendants failed to disclose material adverse facts concerning the Company's operational well-being and future prospects. Specifically, Defendants failed to disclose or indicate: 1) that Matrixx had received notice of hundreds of serious adverse events involving consumers' use of the Zicam Cold Remedy Products; 2) that Matrixx failed to report these incidents to the United States Food and Drug Administration ("FDA") despite having an obligation to do so; 3) that the Company failed to comply with FDA regulations despite repeated assurances of its compliance; and 4) that, as a result of the foregoing, the Company's statements about its meeting FDA regulations were false and misleading when made.
As a result of this news, the Company's shares declined $13.46 per share, or approximately 70%, to close on June 16, 2009 at $5.78 per share.
If you purchased Matrixx Initiatives, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com)
Charles H. Johnson & Associates
2599 Mississippi Street
New Brighton, MN 55112
(651) 633-5685