SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against Ventrus
Biosciences, Inc. and Certain Officers -- VTUS
NEW YORK, May 21, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Ventrus
Biosciences, Inc. ("Ventrus" or the "Company") (Nasdaq:VTUS) and certain of
its officers. The class action, filed in United States District Court,
Southern District of New York, and docketed under 13 CIV 3429, is on behalf of
a class consisting of all persons or entities who purchased or otherwise
acquired securities of Ventrus between December 17, 2010 and July 25, 2012,
both dates inclusive (the "Class Period"). This class action 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
If you are a shareholder who purchased Ventrus securities during the Class
Period, you have until July 8, 2013 to ask the Court to appoint you as Lead
Plaintiff for the class.A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Ventrus is a development stage pharmaceutical company which focuses on
late-stage prescription drugs for the treatment of gastrointestinal disorders,
specifically, hemorrhoids, anal fissures, and fecal incontinence.
The Complaint alleges that throughout the Class Period, Defendants made a
series of materially false and misleading statements touting the prospects and
effectiveness of the Company's main and lead product -VEN 309.Specifically,
the Company falsely represented that: (i) VEN 309 was a one-of-a-kind product
that had no competing FDA approved products; (ii) VEN 309 would be the first
and only product specifically approved for use as a prescription treatment for
hemorrhoids; (iii) the prior phase II and IIb studies of VEN 309, including
the prior Phase IIb German study, consistently demonstrated reduction of
hemorrhoidal symptoms; (iv) the Company would be able to leverage VEN 309 to a
market of over 12.5 million potential patients; and (v) the Phase III clinical
trial for VEN 309 was "low risk" relative to most therapeutic drug development
On June 25, 2012, Defendants shocked the market when it issued a press release
announcing that VEN 309 failed its Phase III trial before the FDA, and that
the Company would suddenly abandon further development of VEN 309, including
any further attempt to obtain FDA approval.In response to this news, the
price of Ventrus common stock plummeted $7.24 per share or 50% to close at
$5.02 per share on June 25, 2012, resulting in significant damages to
Plaintiff and the Class.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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