An investigation on behalf of current long term investors in NASDAQ:VPHM shares over possible breaches of fiduciary duty by certain officers and directors at Viropharma Inc was announced and NASDAQ:VPHM investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/05/2012 -- Certain directors and officers of Viropharma Inc are under the investigation over possible breaches of fiduciary duties in connection with certain statements concerning Viropharma’s antibiotic drug Vancocin.
Investors who are current long term stockholders in Viropharma Inc (NASDAQ:VPHM) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:VPHM stocks follows a lawsuit against Viropharma Inc filed earlier by shareholders who purchased NASDAQ:VPHM shares only between December 14, 2011 and April 9, 2012.
The investigation on behalf of current long term investors in NASDAQ:VPHM stocks, including also those who purchased within and also prior to the above stated time frame, concerns whether certain Viropharma officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of Pennsylvania the plaintiff alleges that Viropharma Inc violated the Securities Exchange Act of 1934 by issuing between December 14, 2011 and April 9, 2012, allegedly materially false and misleading statements regarding the Company's business operations, financial condition and prospects.
Specifically, the plaintiff claims that defendants allegedly 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. The plaintiff says that on December 14, 2011, Viropharma Inc 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").
Then on April 10, 2012, ViroPharma Incorporated announced the U.S. Food and Drug Administration (“FDA”) denied the citizen petition filed by ViroPharma on March 17, 2006 related to the FDA's proposed in vitro method for determining bioequivalence of abbreviated new drug applications (ANDAs) referencing Vancocin® (vancomycin hydrochloride, USP) Capsules.
Shares of Viropharma Inc (NASDAQ:VPHM) fell from $29.36 during April 9, 2012 to $21.24 during April 12, 2012 and closed on May 18, 2012 as low as $19.24 per share.
Those who are current long term investors in Viropharma Inc (NASDAQ:VPHM) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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