The Law Office Of Robbins Umeda LLP Announces Investigation Of Vivus, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of law by certain officers and directors at Vivus, Inc. ("Vivus" or the "Company") (NYSE:VVUS). Vivus is a biopharmaceutical company that engages in the development and commercialization of therapeutic products for underserved markets in the United States. Specifically, the Company focuses on therapies for obesity, sleep apnea, diabetes, and male sexual health. Vivus was founded in 1991 and is headquartered in Mountain View, California
Robbins Umeda LLP's investigation concerns whether the Company's directors and officers damaged Vivus by causing it to issue materially improper statements causing the stock to trade at inflated prices. Specifically, the investigation concerns whether the Company's fiduciaries knowingly or recklessly issued misleading statements regarding QNEXA, Vivus's lead product in clinical development.
QNEXA, a drug for the treatment of obesity, completed Phase III clinical trials, and in December 2009, Vivus submitted a New Drug Application ("NDA") to the U.S. Food and Drug Administration (the "FDA") to have QNEXA approved as an obesity drug. Despite reassuring statements made to investors during the relevant period, the studies conducted by Vivus and submitted to the Endocrinologic and Metabolic Drugs Advisory Committee of the FDA (the "FDA Panel") could not support FDA Panel approval for QNEXA's use to treat obesity as a chronic condition, and, at the very least, longer-term clinical studies would be needed to determine whether QNEXA was safe for its intended use to treat chronic obesity. In addition, study participants reported many adverse side effects, such as anxiety, depression, and sleep disorders. Based on these findings, on July 15, 2010, the FDA Panel voted against recommending QNEXA. On October 28, 2010, the FDA rejected Vivus's NDA for QNEXA.
If you are a shareholder of Vivus and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at email@example.com.Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights lawyers. For more information, please go to http://www.robbinsumeda.com. Advertising
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