Levi & Korsinsky announces it has commenced a class action lawsuit in the USDC for the Southern District of California on behalf of shareholders of Vital Therapies, Inc. (NASDAQ: VTL) who purchased their shares between April 17, 2014 and August 21, 2015.
The complaint alleges that throughout the class period, defendants issued materially false and misleading statements and/or failed to disclose material information regarding the Company’s 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 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. Upon this news, Vital Therapies shares plunged 73.4% to close at just $3.65 per share the next trading day. If you suffered a loss in Vital Therapies you have until February 1, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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