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Gainey McKenna & Egleston Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Atossa Genetics, Inc. -- ATOS

NEW YORK, Oct. 18, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of those who purchased securities of Atossa Genetics, Inc. ("Atossa" or the "Company") (Nasdaq:ATOS), during the period between November 8, 2012 and October 4, 2013, inclusive (the "Class Period"). The Complaint seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

The Complaint alleges that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business and financial condition. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was required, but failed, to submit an additional 510(k) notification to obtain necessary FDA clearance as it made material changes to the Nipple Aspirate Fluid specimen collection process; (2) the Company improperly marketed its devices by using certain promotional claims to market the ForeCYTE Breast Health Test and the MASCT device; (3) the Company was in violation of FDA Good Manufacturing Practices regulations; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

If you wish to serve as lead plaintiff, you must move the Court no later than December 9, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Attorney Advertising -- Prior results do not guarantee a similar outcome with respect to any future matter. Please visit our website at http://www.gme-law.com for more information about the firm.

CONTACT: Thomas J. McKenna, Esq. Gregory M. Egleston, Esq. Gainey McKenna & Egleston (212) 983-1300 tjmckenna@gme-law.com gegleston@gme-law.comSource:Gainey McKenna& Egleston