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NEW YORK, Dec. 03, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Vital Therapies, Inc. (“Vital” or the “Company”) (Nasdaq:VTL) and certain of its present and former officers in the United District Court for the Southern District of California on behalf of a class consisting of all persons or entities who purchased Vital securities between April 17, 2014 and August 21, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that 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 (i) the studies’ independent significance; (ii) the degree to which the studies were interrelated; and (iii) 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, Vital 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, the Company shares plunged 73.4% to close at just $3.65 per share the next trading day.
If you wish to serve as lead plaintiff, you must move the Court no later than February 1, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
