Matrixx Hit With Shareholder Action Over Zicam

Law360, New York (July 20, 2009, 12:42 PM EDT) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.