Zicam Maker Pays $4.5M To Snuff Stock Fraud Suit

Law360, New York (February 4, 2013, 5:42 PM EST) -- Matrixx Initiatives Inc. will dole out $4.5 million to settle a suit claiming its failure to alert the government to complaints that its Zicam cold remedy products allegedly caused users to lose their sense of smell sparked a free fall in its stock price, according to a motion filed Thursday.

The settlement resolves claims by a certified class of investors who bought or sold the drugmaker's stock between December 2007 and June 2009, when the U.S. Food and Drug Administration issued a public health advisory that...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.