Matrixx Hit With Shareholder Action Over Zicam

By Melissa Lipman

Law360, New York (July 20, 2009, 12:42 PM ET) -- A Matrixx Initiatives Inc. shareholder has filed a putative class action accusing the drugmaker of concealing from investors hundreds of consumer reports claiming Zicam caused users to lose their sense of smell.

The complaint — filed Friday in the U.S. District Court for the District of Arizona — alleges that Matrixx and four of its executives hid information about the reports from both the U.S. Food and Drug Administration and shareholders.

The plaintiff claims that Matrixx's stock traded at "artificially inflated levels" during the proposed class...
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