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Vital Therapies Inc (NASDAQ: VTL) Investor Securities Class Action Lawsuit 12/02/2015

  • If you purchased shares of Vital Therapies Inc (NASDAQ: VTL), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Vital Therapies Inc
Security
NASDAQ: VTL

Case Name
Vital Therapies Shareholder Class Action Lawsuit 12/02/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 9, 2016 - The court granted defendants' motion to dismiss.
July 1, 2016 - Defendants filed a motion to dismiss.

June 1, 2016 - The lead plaintiff filed an amended complaint.

May 2, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 2, 2015 - An investor in shares of Vital Therapies Inc (NASDAQ: VTL) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Vital Therapies Inc in connection with certain allegedly false and misleading statements made between April 17, 2014 and August 21, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Vital Therapies Inc (NASDAQ: VTL) common shares between April 17, 2014 and August 21, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 17, 2014 and August 21, 2015 the defendants issued allegedly materially false and misleading statements and/or allegedly failed to disclose material information regarding Vital Therapies’ ELAD System studies, VTI-208, VTI-210, and VTI-212, including (a) the studies’ independent significance; (b) the degree to which the studies were interrelated; and (c) that in the case of the failure of the VTI-208 trial, the Company would not continue the VTI-210 trial.

On July 14, 2015, a report was published alleging that Vital Therapies Inc’s representations regarding the 90 day overall survival rate for those treated with Vital Therapies’ Extracorporeal Liver Assist Device (“ELAD”) were highly misleading, as they allegedly included survival data from a patient who received a liver transplant, while no equivalent patient in the control group had received a transplant. The report alleged that this fact was not disclosed in any of the Company’s prior disclosures concerning the Phase 2 VTI-206 study of ELAD.

On August 21, 2015, after the market closed, Vital Therapies announced that the VTI-208 trial had “failed to meet the primary endpoint of overall survival through at least 91 days…” and that the Company would stop the VTI-210 and VTI-212 clinical trials.

Shares of Vital Therapies Inc (NASDAQ: VTL) declined to as low as $2.81 per share on August 26, 2015.