Lawsuit Overview
Settlement Overview
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January 25, 2016 - The court approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
May 7, 2015 - The court preliminarily approved the settlement.
April 29, 2015 - Parties filed a stipulation of settlement.
May 16, 2014 - The court denied the defendants' motion to dismiss.
December 20, 2012 - The defendants filed a motion to dismiss.
October 19, 2012 - The lead plaintiff filed an amended complaint.
August 10, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
July 23, 2012 - Lead plaintiff motions were filed.
May 17, 2012 - An investor in shares of Viropharma Inc (NASDAQ: VPHM) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania against Viropharma Inc over alleged virolations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 14, 2011 and April 9, 2012.
According to the complaint the plaintiff alleges on behalf of all persons or entities that purchased the securities of Viropharma Inc (NASDAQ: VPHM) between December 14, 2011 and April 9, 2012, that Viropharma Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between December 14, 2011 and April 9, 2012, allegedly materially false and misleading statements regarding Viropharma Inc'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, Viropharma Inc's stock traded at artificially inflated prices during December 14, 2011 and April 9, 2012.
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 ).
Shares of Viropharma Inc (NASDAQ: VPHM) rose $4.21, closing at $27.80 per share on December 14, 2011.
Then, on April 10, 2012, Viropharma Inc (NASDAQ: VPHM) announced the U.S. Food and Drug Administration (“FDA”) denied the citizen petition filed by Viropharma Inc 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 April 20, 2012 at $21.94 per share.