Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Venaxis, Inc.

WILMINGTON, Del., March 5, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:

  • Do you, or did you, own shares of Venaxis, Inc. (NASDAQ CM: APPY)?
  • Did you purchase your shares between March 13, 2014 and January 28, 2015, inclusive?
  • Did you lose money in your investment in Venaxis, Inc.?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of Colorado on behalf of all persons or entities that purchased the common stock of Venaxis, Inc. ("Venaxis" or the "Company") (NASDAQ CM: APPY) between March 13, 2014 and January 28, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").

If you purchased shares of Venaxis during the Class Period, or purchased shares prior to the Class Period and still hold Venaxis, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rl-legal.com, or at: http://www.rigrodskylong.com/investigations/venaxis-inc-appy.

Venaxis is an in vitro diagnostic company focused on developing and commercializing its lead product candidate, the APPY1 diagnostic test.  The APPY1 test designed to aid in the identification of patients at low risk for acute appendicitis.  The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects.  Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the APPY1 test failed to meet the criteria for "substantial equivalence" based upon data and information submitted by Venaxis in its 510(k) submission; (2) the Company lacked a reasonable basis to conclude that the results from the APPY1 pivotal study were sufficient to support U.S. Food and Drug Administration ("FDA") clearance; and as a result of the foregoing, (3) Venaxis' public statements pertaining to the expected FDA clearance of its 510(k) submission were materially false and misleading at all relevant times.  As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period. 

According to the Complaint, on January 29, 2015 the Company issued a press release disclosing that "the [FDA] has determined that the APPY1 Test does not meet the criteria for substantial equivalence based upon data and information submitted by Venaxis in its 510(k) submission." 

On this news, shares in Venaxis plummeted over 73%, closing at $0.55 per share on January 29, 2015, on unusually heavy trading volume of over 10 million shares.      

If you wish to serve as lead plaintiff, you must move the Court no later than April 3, 2015.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising.  Prior results do not guarantee a similar outcome.

CONTACT: 

Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516 
Fax: (302) 654-7530
info@rl-legal.com 
http://www.rigrodskylong.com

SOURCE Rigrodsky & Long, P.A.

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