Scott+Scott, Attorneys at Law, LLP Reminds Ventrus Biosciences, Inc. Investors
of Upcoming Deadline in Securities Class Action Lawsuit -- VTUS
NEW YORK, May 22, 2013 (GLOBE NEWSWIRE) -- On May 9, 2013, Scott+Scott,
Attorneys at Law, LLP filed the first class action complaint on behalf of
those persons and entities who purchased or otherwise acquired Ventrus
Biosciences, Inc. ("Ventrus" or the "Company") securities (Nasdaq:VTUS)
between December 17, 2010 and June 25, 2012, inclusive (the "Class Period").
The action, pending in the United States District Court for the Southern
District of New York, seeks remedies under the Securities Exchange Act of
If you purchased Ventrus securities during the Class Period and wish to serve
as a lead plaintiff in the action, you must move the Court no later than July
8, 2013. Any member of the investor class may move the Court to serve as lead
plaintiff through counsel of its choice, or may choose to do nothing and
remain an absent class member. If you wish to discuss this action or have
questions concerning this notice or your rights, please contact Scott+Scott
(firstname.lastname@example.org, (800) 404-7770, (860) 537-5537) or visit the
Scott+Scott website for more information: http://www.scott-scott.com.
There is no cost or fee to you.
Based in New York, New York, Ventrus, a Delaware corporation, is a development
stage pharmaceutical company which is focused on late-stage prescription drugs
for the treatment of gastrointestinal disorders, specifically hemorrhoids,
anal fissures, and fecal incontinence. Ventrus' lead products are topical
treatments for hemorrhoids, which target a specific serotonin receptor.
The securities class action charges that, throughout the Class Period, the
Company made false and/or misleading statements, as well as failed to disclose
material adverse facts concerning the Company's lead product iferanserin (VEN
309) ("VEN 309").The Company described VEN 309 as a new chemical entity for
the topical treatment of symptomatic internal hemorrhoids.The Company stated
that in seven clinical studies between 1993 and 2003, VEN 309 demonstrated
good tolerability and no severe adverse events while showing statistically
significant improvements in bleeding, itchiness, and pain.
Specifically, during the Class Period, the Company touted that it was in
frequent and ongoing communications with the FDA, that clinical end points for
the VEN 309 trial had been agreed to by the FDA, and that the prior results
from Phase II trials of VEN 309 demonstrated the product's clinical
efficacy.The Company represented its prior Phase IIb studies in Germany as
evidence of VEN 309's efficacy and as support for its claims that FDA approval
would be achieved.These false and misleading statements artificially
inflated, maintained, and increased the price of Ventrus' common stock,
reaching a high of $20.25 during the Class Period.
On June 25, 2012, Ventrus 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 over 50% – to $5.02 per share on June
25, 2012, resulting in millions of dollars in damages to investors.
Scott+Scott has significant experience in prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United
States.The firm represents pension funds, foundations, individuals, and other
CONTACT: Michael Burnett
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