Izard Nobel LLP Announces Class Action Lawsuit Against Matrixx Initiatives, Inc.

WEST HARTFORD, CT--(Marketwire - July 20, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Arizona on behalf of those who purchased the securities of Matrixx Initiatives, Inc. ("Matrixx" or the "Company") (NASDAQ: MTXX) between December 22, 2007 and June 15, 2009, inclusive (the "Class Period").

The Complaint charges that Matrixx and certain of its officers and directors violated federal securities laws. Matrixx, through its subsidiary, produces, markets and sells Zicam Cold Remedy Products.

The Complaint alleges that defendants failed to disclose material adverse facts concerning the Company's operational well-being and future prospects including the following: (i) that Matrixx had received notice of hundreds of serious adverse events involving consumers' use of the Zicam Cold Remedy Products; (ii) that Matrixx failed to report these incidents to the Food and Drug Administration ("FDA") despite having an obligation to do so; (iii) that Matrixx failed to comply with FDA regulations despite repeated assurances of its compliance; and (iv) that, as a result of the foregoing, the Company's statements about its meeting FDA regulations were false and misleading when made.

On June 16, 2009, Matrixx disclosed that it had received an FDA Warning Letter and would withdraw the Zicam Cold Remedy Products from the market. On this news, Matrixx's stock price fell approximately 70%.

If you are a member of the class, you may, no later than September 15, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/matrixxinitiatives/, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.