Robbins Umeda LLP has commenced an investigation into MELA Sciences, Inc. ("MELA" or the "Company") (NASDAQ: MELA) concerning possible violations of state and federal securities laws.
MELA claims that it operates as a medical device company that focuses on the design and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. The Company's principal product, MelaFind, features a handheld imaging device that emits multiple wavelengths of light to capture images of suspicious pigmented skin lesions and extract data. MELA was formerly known as Electro-Optical Sciences, Inc. and changed its name to MELA in May 2010. The Company was founded in 1989 and is based in Irvington, New York.
Robbins Umeda's investigation concerns whether the Company issued false and misleading statements to the public. Specifically, our investigation concerns whether MELA issued misleading statements pertaining to MelaFind. On November 16, 2010, the U.S. Food and Drug Administration (the "FDA") released documents indicating that some of its investigators do not believe MelaFind should be approved at this time. In particular, FDA reviewers were concerned about the device's accuracy rate and have recommended that an additional study be conducted. Upon this news, MELA stock declined approximately 54% from its close price of $6.37 per share on November 15, 2010, to close at $2.92 per share on November 16, 2010.
If you purchased MELA stock, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights lawyers. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com. Attorney Advertising. Past results do not guarantee a similar outcome. We invite you to contact us today to discuss your case.