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Kahn Swick & Foti, LLC and Former Louisiana Attorney General Announce Investigation Into MELA Sciences, Inc. - MELA

^{Published on 2010-11-16 15:55:22 - Market Wire}
 

NEW ORLEANS--([ BUSINESS WIRE ])--Kahn Swick & Foti, LLC (aKSFa) and Former Attorney General of Louisiana, Charles C. Foti, Esq. announce the commencement of an investigation into MELA Sciences, Inc. (aMELAa or the aCompanya) (Nasdaq: MELA) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders concerning MELAa™s melanoma detection device, MelaFind.

"[t]he FDA review team has significant concerns this device has not been studied adequately for its current indications for use and therefore puts the health of the public at risk."

Shares of medical device maker MELAclosed down over 54% for the day, to $2.92 per share, after the U.S. Food and Drug Administration cast doubt on MelaFind, stating that a[t]he FDA review team has significant concerns this device has not been studied adequately for its current indications for use and therefore puts the health of the public at risk.a In particular, FDA reviewers were concerned about the devicea™s accuracy rate and have recommended that an additional study be conducted. The documents were released ahead of a FDA advisory panel meeting on Thursday that will review the product. While the FDA is generally not bound to the recommendations of its panels, it generally follows them.

What You May Do

If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ([ lewis.kahn@ksfcounsel.com ]), toll free 877-515-1850, after hours via cell phone 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ([ neil.rothstein@ksfcounsel.com ]), toll free at 877-694-9510, or after hours via cell phone 330-860-4092. KSF also encourages anyone with information regarding MELAa™s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSFa™s lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation,2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement Preliminarily Approved; In re BigBand Networks, Inc Securities Litigation,3:07-CV-05101-SBA (C.D. Cal.),Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation,2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.

To learn more about KSF, you may visit[ www.ksfcounsel.com ].