Klafter Olsen & Lesser LLP ("KOL") announces that a securities class action complaint against MELA Sciences, Inc. ("MELA Sciences" or the "Company") (NASDAQ: MELA) and certain of its officers has been filed in the U.S. District Court for the Southern District of New York on behalf of investors who purchased the common stock of MELA Sciences between February 13, 2009 through November 16, 2010 (the "Class Period"). The complaint alleges that the defendants violated the Securities Exchange Act of 1934 in connection with their misrepresentations and omissions about the Company's clinical studies regarding the efficacy and effectiveness of MELA Sciences' primary product, a medical device called MelaFind, used to diagnose certain suspected melanoma lesions.
On November 16, 2010, the FDA review team issued a scathing report in which it found, among other things, that MELA Sciences had "not adhered to the original intent" of the Protocol Agreement entered into on October 20, 2004 between the FDA and the Company regarding the structure of its clinical studies to study the efficacy and effectiveness of its MelaFind device. As a result, the FDA review team stated that it did not believe that the current studies "demonstrated any true additive value of using MelaFind on atypical lesions (suspicious and non-suspicious of melanoma) in the clinical decision process." On this news, MELA Sciences' stock price plummeted approximately 54% or $3.45 per share, to close at $2.92 per share.
No class has been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. You must apply to be appointed lead plaintiff no later than January 21, 2011. Please contact Klafter Olsen & Lesser LLP at www.klafterolsen.com (http://www.klafterolsen.com/) or call us at 202/261-3553 for a more thorough explanation of the lead plaintiff process and claims which may be asserted against MELA Sciences.
Klafter Olsen & Lesser LLP has extensive expertise in prosecuting investor class actions involving financial fraud and has offices in Washington D.C. and New York. Please visit our website for more information about the Firm.