STEVENSON, Md., May 22, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of ViroPharma Incorporated ("ViroPharma" or the "Company") (Nasdaq:VPHM) securities during the period between December 14, 2011 and April 9, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in ViroPharma Incorporated securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at http://www.browerpiven.com/">www.browerpiven.com, by email at mailto:hoffman@browerpiven.com">hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 17, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company had no basis for its stated belief that it a supplemental new drug application ("sNDA") approval for Vancocin on December 14, 2011 would qualify for three additional years of exclusivity such that generic Vancomycin capsules would not be approved during that time since the sNDA was not for a significant new use or indication. After, on April 10, 2012, the Company revealed that not only did the FDA advise the Company that the sNDA approval would not qualify for exclusivity, but, the FDA concurrently announced the approval of three applications for generic Vancomycin capsules, the value of ViroPharma shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.