San Diego, CA 7/9/2009 3:24:31 AM
Matrixx Initiatives' Zicam Torpedo Analyzed by SmallCapNetwork.com
The FDA beat Matrixx Initiatives, Inc. (MTXX) to the punch by first urging consumers to stop using Zicam, but it was still too late to stave off class action lawsuits.
Shares of Matrixx Initiatives, Inc. (MTXX) have started to tumble again this week in the shadow of June's precipitous move lower. The latest round of selling - minor in comparison to June's dip - was the result of an informal SEC inquiry about potential insider selling. The June selling was triggered by Matrixx Initiatives' failure to properly handle known health risks posed by Zicam.
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The FDA advised consumers to stop using Matrixx Initiatives' Zicam products in mid-June. The zinc in Zicam swabs and gel could possible damage the sense of smell. The company's voluntary recall commenced on June 24th, shortly after a handful of class action lawsuits had been filed again Matrixx Initiatives Inc.
About Matrixx Initiatives, Inc.
Matrixx Initiatives, Inc. (MTXX) is engaged in the development and marketing of over-the-counter healthcare products that utilize innovative drug delivery systems. Zicam, LLC, its wholly-owned subsidiary, markets and sells Zicam(r) products in the cough and cold category. The Company manufactures and markets a full line of Zicam brand pharmaceuticals, including Zicam Cold Remedy Swabs(TM); Zicam Cold Remedy Chewables(TM); Zicam Cold Remedy Oral Mist(TM); Zicam Cold Remedy RapidMelts(TM); Zicam Allergy Relief; Zicam Extreme Congestion Relief; Zicam Sinus Relief; as well as Zicam Cough products and Zicam Multi-Symptom relief items. For more information regarding Matrixx products, go to www.Zicam.com. To find out more about Matrixx Initiatives, Inc. visit the website at www.matrixxinc.com.
Forward-Looking Statement: This press release may include or imply "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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