STEVENSON, Md., May 13, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Ventrus Biosciences, Inc. ("Ventrus" or the "Company") (Nasdaq:VTUS) common stock during the period between December 17, 2010 and June 25, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in Ventrus Biosciences, Inc. common stock purchased on or after December 17, 2010, and held through June 25, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 8, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants falsely representing during the Class Period that the Company's lead product iferanserin (VEN 309) ("VEN 309"), for the topical treatment of symptomatic internal hemorrhoids, was a unique product that had no competing products approved by the U.S. Food and Drug Administration ("FDA"), that VEN 309 would be the first and only product specifically approved for use as a prescription treatment for hemorrhoids, that the prior phase II and IIB studies of VEN 309 consistently demonstrated reduction of hemorrhoidal symptoms, that the Company would be able to leverage VEN 309 to a market of over 12.5 million potential patients, and that the Phase III clinical trial for VEN 309 was "low risk" relative to most therapeutic drug development programs. According to the complaint, following the Company's June 25, 2012 disclosure that VEN 309 failed its Phase III trial before the FDA and that the Company would abandon further development of VEN 309, including any further attempt to obtain FDA approval, the value of Ventrus shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation