NEW YORK, June 14, 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 promulgated thereunder.
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 firstname.lastname@example.org 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 program.
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 over 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 email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP