NEW YORK, NY / ACCESSWIRE / August 25, 2015 / Pomerantz LLP is investigating claims on behalf of investors of Vital Therapies, Inc. ("Vital" or the "Company") (NASDAQ: VTL). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Vital and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 14, 2015, an analyst report published in Seeking Alpha alleged that the Company misled investors regarding the ELAD systems patients' overall survival rate, as Vital included survival data from a patient who received a liver transplant, while no equivalent patient in the control group had received a transplant. This fact was not disclosed in any of the company's prior disclosures. On this news, Vital shares fell $3.61 per share, or 14%, to close on July 15, 2015 at $23.10. On August 21, 2015, the Company announced topline results from its ELAD systems VTI-208 study, and reported that the study, "failed to achieve primary or secondary endpoints of improvement in overall survival."
On this news, the Company's shares fell $14.03 per share, or over 79%, on August 24, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlawfirm.com.
SOURCE: Pomerantz LLP
