Home Page Lawsuits Filed Lawsuit: ViroPharma Incorporated
ViroPharma Incorporated VPHM Securities Stock Fraud
ViroPharma, a Delaware corporation headquartered in Exton, Pennsylvania, is a global biotechnology company dedicated to the development and commercialization of products that address serious diseases, with a focus on products used by physician specialists or in hospital settings. The Company's principal product is Vancocin, an antibiotic which was approved by the FDA in intravenous form more than half a century ago under the name Vancomycin. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business operations, financial condition and prospects. Specifically, the Complaint alleges that defendants misrepresented and omitted material facts concerning the market exclusivity it falsely assumed to possess for Vancocin. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on December 14, 2011, the Company issued a press release which announced the "modernization of labeling" for Vancocin made effective through the FDA approval of a supplemental new drug application ("sNDA"). As a result of the sNDA approval, the Company stated that it believed that Vancocin met the requirements for, and thus had, three years of [market] exclusivity, and that generic Vancomycin capsules would not be approved during that time. Following the issuance of this press release, the price for shares of ViroPharma rose $4.21, closing at $27.80 per share on December 14, 2011.
However, on April 10, 2012, ViroPharma issued a press release announcing that the FDA had informed the Company that the sNDA approved for Vancocin on December 14, 2011 would not qualify for three additional years of exclusivity. The FDA informed the Company that in order for an sNDA for an old antibiotic such as Vancocin to be eligible for a grant of exclusivity, it must be a significant new use or indication. Further, the press release stated that the FDA concurrently announced the approval of three applications for generic Vancomycin capsules. On this news, shares of ViroPharma common stock dropped $6.17, closing at $22.44 per share on April 10, 2012.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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Published on May-18-12
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