On March 16, 1998, a class action lawsuit was filed in the U.S. District Court for the Northern District of California on behalf of purchasers of Vivus, Inc. ("Vivus" or the "Company") (NASDAQ: VVUS) common stock between May 2, 1997 and December 9, 1997 (the "Class Period") to recover damages caused by defendants' violations of Securities Exchange Act of 1934. Vivus is a California-based company whose business is to develop advanced therapeutic systems for the treatment of erectile dysfunction.
The complaint alleged that throughout the Class Period, defendants repeatedly disseminated to the investing public bullish statements, including the reporting of the purportedly outstanding success and market acceptance of the Company's primary product, MUSE. On December 10, 1997, the Company announced it would miss fourth quarter revenue goals by as much as 25%, and Asensio & Company announced the same day that not only did their study of MUSE not yield the same favorable results that Vivus was reporting, but that there were concerns about the accuracy of the product sales figures Vivus had been reporting. In response to the December 10, 1997 announcements, the price of Vivus common stock plummeted from December 9, 1997's high of $21 1/2 per share to close at $13 13/16, trading as low as $12 per share and losing over 30% of its value in one day. Plaintiff seeks to recover damages on behalf of class members.

Update

On October 25, 1999 approved the settlement of this case. In order to have shared in the recovery, you must have submitted your proof of claim by December 3, 1999. For more information, please go to www.gilardi.com or call (800) 447-7657.
If you have any further questions, please feel free to contact us.