The Lin Law Firm Announces That a Securities Class Action Lawsuit Against ViroPharma Incorporated Has Been Filed
LOS ANGELES, May 25, 2012 /PRNewswire/ — The Lin Law Firm, A Professional Law Corporation, announces that a class action has been filed on behalf of investors who purchased the securities of ViroPharma Incorporated (“ViroPharma”) (Nasdaq:VPHM) between December 14, 2011 and April 9, 2012 (“Class Period”). The Complaint asserts violations of the federal securities laws against ViroPharma and its Chief Executive Officer, Vincent Milano.
For more information on the class action, please contact Elizabeth Lin, Esq., at (909) 595-5522 or toll-free at (866) 864-3898; or email elizabethL@thelinlawfirm.com.
ViroPharma is a biotechnology company involved in developing and marketing products that address serious diseases. The Company’s main product is Vancocin, which is the brand name for Vancomycin, an antibiotic. The Complaint alleges that, on December 14, 2011, the Company issued a press release stating that it believed that Vancocin would have three years of marketing exclusivity due to changes in its label, and that generic Vancomycin capsules would not be approved during that period. Following this news, ViroPharma’s stock price rose 17.9% to close at $27.80 per share on December 14, 2011.
However, on April 10, 2012, ViroPharma announced that the FDA had informed the Company that Vancocin’s new label would not qualify it for three additional years of exclusivity, and that the FDA had indicated it is approving three applications for generic Vancomycin capsules. Following this news, the price of ViroPharma common stock dropped 22% to close at $22.44 per share on April 10, 2012.
If you purchased ViroPharma stock during the Class Period and suffered a loss, you have until July 17, 2012 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in the litigation. Your ability to share in any recovery does not require that you serve as a lead plaintiff. You may retain The Lin Law Firm, or another counsel of your choice, to serve as your counsel in this action.
The Lin Law Firm is a litigation law firm committed to representing investors nationwide in securities matters and protecting investors against corporate wrongdoing. For additional information, please visit www.thelinlawfirm.com.
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SOURCE The Lin Law Firm, A Professional Law Corporation