Scott+Scott, Attorneys at Law, LLP Reminds Investors of Upcoming Lead
Plaintiff Deadline in Securities Class Action Against Ventrus Biosciences,
Inc. -- VTUS
NEW YORK, May 24, 2013 (GLOBE NEWSWIRE) -- On May 9, 2013, Scott+Scott,
Attorneys at Law, LLP filed the first securities class action complaint
against Ventrus Biosciences, Inc. ("Ventrus" or the "Company") on behalf of
the putative class of investors who purchased or otherwise acquired Ventrus
common stock (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 1934.
Investors who purchased Ventrus common stock during the Class Period and wish
to serve as a lead plaintiff in the action 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 in the lawsuit against Ventrus. If you wish to
view the class action complaint against Ventrus, discuss this action, or have
questions concerning this notice or your rights, please contact Scott+Scott
(email@example.com, (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 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, Ventrus
misled investors concerning the Company's lead product iferanserin (VEN 309)
("VEN 309"). Ventrus 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, Ventrus 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, which traded as 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 losses to Ventrus shareholders.
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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