MOUNTAIN VIEW, Calif., Oct. 3, 2012 (GLOBE NEWSWIRE) -- VIVUS, Inc. (Nasdaq:VVUS) today announced the dismissal of a putative class action lawsuit captioned Kovtun v. Vivus, Inc., et al., Case No. 4:10-CV-04957-PJH, filed in November 2010 against the company and two of its officers alleging securities fraud.
On September 27, 2012, Honorable Phyllis J. Hamilton of the U.S. District Court for the Northern District of California granted, with prejudice, VIVUS's motion to dismiss all claims asserted against VIVUS and its officers for failure to state a claim. In October 2011, Judge Hamilton had dismissed an earlier version of the Plaintiffs' complaint, but at that time granted the plaintiffs leave to file an amended complaint, which Judge Hamilton has now dismissed without leave to amend.
"We are very pleased with Judge Hamilton's decision to dismiss the action given our strong belief that the allegations in the complaint were without merit," said John L. Slebir, Vice President, General Counsel and Corporate Secretary at VIVUS.
Plaintiffs have a period of 30 days from the entry of Judge Hamilton's order in which to appeal the decision.
About VIVUS
VIVUS is a biopharmaceutical company commercializing and developing innovative, next-generation therapies to address unmet needs in obesity, sleep apnea, diabetes and sexual health for U.S., Europe and other world markets. Qsymia is also in phase 2 clinical development for the treatment of type 2 diabetes and obstructive sleep apnea. For more information about the company, please visit www.vivus.com.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," "intend," "likely," "may," "plan," "potential," "predict," "opportunity" and "should," among others. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. VIVUS does not undertake an obligation to update or revise any forward-looking statements. Investors should read the risk factors set forth in VIVUS' Form 10-K for the year ending December 31, 2011, and periodic reports filed with the Securities and Exchange Commission.