Matrixx Initiatives (MTXX) Receives Informal Inquiry from SEC On FDA Zicam Issues
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Matrixx Initiatives Inc. (Nasdaq: MTXX) disclosed in an SEC filing received an informal inquiry from the Securities and Exchange Commission (SEC) requesting certain documents and information relating to the previously disclosed June 16, 2009 warning letter issued to the Company by the United States Food and Drug Administration (FDA).
The Company will fully cooperate with the SEC in this informal inquiry,
Shares of MTXX collapsed on June 16 after the FDA sent the company a warning letter saying the products "may pose a serious risk to consumers who use them." The FDA said it has received more than 130 reports of anosmia, (loss of sense of smell, which in some cases can be long-lasting or permanent), associated with use of Zicam.
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+0.42Comments
MTXX Suits
This has all the makings of a massive, company-destroying class action suit. Expect lawyers to piile on both on behalf of "injured" consumers and irate investors. The domain (web address) matrixxclassaction.com has already been registered and is for sale. It's likely to be just one of many vehicles lawyers will use to educate consumers and investors, attract plaintiffs.
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FDA
carol cole on Jun 23, 2009 06:59 PMi find it unbelievable that the FDA has the power to, for all intents and purposes, close down a company because 130 people re- ported possible loss of smell after using Zicam!!!!!!.....what about the thousands of people, like me, who have used Zicam for years to shorten the duration of colds with NO side effects!!!!!...i am 80 years old, have counted on Zicam's help for years with NO side effects......and have a fine sense of smell......in fact i smell a rat here!!!!..the FDA should concentrate on life threatening prob- .ems....not this!!!..maybe they could have asked Matrixx to print a warning on their lables......possible loss of smell.....and let US decide what is best for us!!!!!