WASHINGTON, April 16, 2015 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Accelerate Diagnostics, Inc., ("Accelerate" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the District of Arizona by another law firm on behalf of purchasers of the common stock of Accelerate Diagnostics, Inc., (Nasdaq:AXDX) between March 7, 2014 and February 17, 2015, inclusive (the "Class Period").
Accelerate is a development stage company. The Company's chief product is a diagnostic platform called the BACcel™ system, which Accelerate has been developing for the past decade purportedly as a way to rapidly diagnose infectious pathogens. The complaint alleges that Accelerate and certain of its officers and directors ("Defendants") made misleading statements and/or failed to disclose that the Company's BACcel™ system was not actually a "culture-free process," but instead, and like other available diagnostic tools, it actually requires a positive blood culture.
The class period ends on February 17, 2015, the final trading day before Seeking Alpha published an article titled "Accelerate Diagnostics - A Misleading Story Ripe For Decline," which stated, in pertinent part:
We believe the retail investors who have been roped into AXDX on the promise that BACcel can discover pathogens in "one hour" may not have read the fine print. Our guess is that most AXDX investors do not realize that BACcel's most likely use case will STILL require a positive blood test (which typically requires 2 to 5 days to get a sample that will run through the diagnostic platform). Amazingly, we have not yet found any proof that BACcel actually works as described. . . .
The price of Accelerate shares fell from $22.96 to $22.09 on February 18, and closed at $19.43 and $18.05 on February 19 and February 20, respectively.
Cohen Milstein encourages all investors who purchased Accelerate common stock between March 7, 2014 and February 17, 2015, or former employees with information concerning this matter to contact the firm.
If you are an Accelerate shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Jordan Hill
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; jhill@cohenmilstein.com
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