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MELA Sciences Inc (NASDAQ: MELA) Investor Securities Class Action Lawsuit 11/19/2010

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Lawsuit Overview

Case Dismissed
Company
MELA Sciences, Inc
Security
NASDAQ: MELA

Case Name
MELA Sciences Shareholder Class Action Lawsuit 11/19/2010
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 11, 2012 - The parties filed a stipulation to withdraw the appeal.
October 22, 2012 - The lead plaintiff filed a notice of appeal.

October 2, 2012 - The court ordered, adjudged and decreed; the defendants' motion to dismiss granted, and therefore judgment
was entered in favor of defendants' and the case was closed.

November 18, 2011 - The lead plaintiff filed a motion to amend/correct the amended consolidated complaint.

July 29, 2011 - The defendants filed a motion to dismiss.

May 3, 2011 - The lead plaintiff filed an amended consolidated complaint.

February 15, 2011 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

January 22, 2011 - A lead plaintiff motion was filed.

November 19, 2010 - An investor in shares of MELA Sciences Inc (NASDAQ: MELA) filed a lawsuit in the U.S. District Court for the Southern District of New York against MELA Sciences Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that MELA Sciences Inc and certain of its officers represented to the investing public that an approval of MelaFind by the United States Food and Drug Administration ( FDA ) would be forthcoming through a series of materially false and misleading statements from February 13, 2009 through November 16, 2010 regarding the status of MelaFind's ongoing clinical studies, and the safety and efficacy of MELA Sciences Inc's products. For instance Defendants announced positive top-line results of its pivotal trial of MelaFind, a non-invasive, point-of-care instrument to assist in the early detection of melanoma, the deadliest form of skin cancer. Then on Nov. 16 2010 MELA Sciences Inc (NASDAQ: MELA) announced that the FDA General and Plastic Surgery Devices Panel will review the MELA Sciences Inc's Pre-Market Approval application for MelaFind(R) on Thursday, November 18. The same day a media report stated that U.S. health regulators said Mela Sciences Inc's experimental device to help diagnose deadly skin cancer could cause harm because of the potential for misdiagnosis. FDA staff said in documents released on Tuesday ahead of an FDA advisory panel meeting on Thursday that The FDA review team has significant concerns this device has not been studied adequately for its current indications for use and therefore puts the health of the public at risk”.

Shares of MELA Sciences Inc fell from over $8 per share in October 2010 to $2.92 on November 16.

As of Sept. 30, MELA Sciences Inc had about $35.8 million in cash and cash equivalents and said it was enough to fund operations for at least 12 months. But MELA Sciences Inc also said in a regulatory filing that it might require additional funds to achieve significant commercialization of MelaFind.