Shareholder Class Action Filed Against FoxHollow Technologies, Inc. by the Law Firm of Schiffrin & Barroway, LLP
August 21 2006 - 10:30PM
PR Newswire (US)
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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