Delcath Systems Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fi
Delcath Systems Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Delcath Systems, Inc. ("Delcath" or "Company") (NasdaqCM: DCTH). The firms are investigating additional legal claims against the officers and Board of Directors of Delcath during the period of April 21, 2010 and May 2, 2013 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Delcath and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants' misrepresented and/or failed to disclose that: (a) the Company's New Drug Application for Melblez Kit, for the treatment of patients with unresectable ocular melanoma metastatic to the liver contained risks including substantial and severe toxicity and deaths associated with the drug's adverse reactions; and (b) the Company's manufacturing facilities were in violation of Current Good Manufacturing Practices. According to the complaint, when the Company disclosed that it had received a "refusal to file" letter from the U.S. Food & Drug Administration, and a request for information involving manufacturing plant inspection timing, product and sterilization validations and additional safety information, the price of Delcath plummeted by approximately 38%.
Shareholder rights attorney Willie Briscoe said, "Recent revelations about alleged improper business practices and procedures regarding key aspects of Delcath's business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Delcath's officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Delcath stock for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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