FOXH Foxhollow Technologies (MM)

RADNOR, Pa., Aug. 21 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all securities purchasers of FoxHollow Technologies, Inc. (NASDAQ:FOXH) ("FoxHollow" or the "Company") from May 13, 2005 through January 26, 2006, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint charges FoxHollow and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's Chairman of the Board, defendant John Simpson ("Simpson"), directed the Company's management to enter into related-party transactions with Lumend, Inc. ("Lumend"), a company which defendant Simpson founded and served as Chairman; and (2) that defendant Simpson caused the Company to terminate certain senior management members that refused to follow defendant Simpson's directives. On December 12, 2005, FoxHollow shocked investors when the Company announced that Robert W. Thomas, its President and Chief Executive Officer, had informed the Company's Board of Directors that he would be retiring effective January 1, 2006. On this news, shares of FoxHollow plummeted $7.15, or 15.5 percent, to close, on December 13, 2005, at $38.97 per share, on heavy trading volume. On January 26, 2006, FoxHollow announced that the Company had accepted the voluntary resignation of William H. Hoffman from his position as Vice President of Sales effective February 1, 2006. The Company also announced that David L. Martin, the Company's Chief Operating Officer, would be leaving the Company on or before March 31, 2006. On this news, shares of FoxHollow shed an additional $0.69, or 2.7 percent, to close, on January 27, 2006, at $24.75 per share, on heavy trading volume. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/ If you are a member of the class described above, you may, not later than September 26, 2006, move the Court to serve as lead plaintiff of the class, if you so choose. 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 plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Darren J. Check, Esq., or Richard A. Maniskas, Esq., both of Schiffrin & Barroway, LLP, 1-888-299-7706 toll free or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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