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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ)
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To: Frostman who wrote (7808)5/5/1998 10:02:00 PM
From: Mark A. Stang  Read Replies (2) of 23519
 
Class Action Litigation

I do not practice in securities class action litigation, but spoke recently with another attorney who does.

In a non-securities class action case, the class can be certified (i.e. confirmed by the court and allowed to proceed as a class) with just a single named plaintiff, so long as the class is too numerous for all individuals to be joined as named plaintiffs and the class repesentative's claims are typical of the class (there are other requirements that I don't have time to elaborate upon).

To certify a class in a securities class action, a certain percentage of shareholders in the putative class must agree to join in the lawsuit before it can be certified as a class. (I don't know the percentage off hand and don't have time to research it right now.) Evidently, in none of the several class action cases against VVUS have the plaintiffs' lawyers even filed a motion to certify the class, or we would have heard about it by now. The reason they post weekly announcements is to recruit shareholders from the defined class period into the lawsuit.

If and when one of the lawsuits has been class- certified, that case will go forward. There cannot be multiple certifications of the same class in different lawsuits. So VVUS will face only one lawsuit in one forum, not multiple lawsuits.

The foregoing is not intended as legal advice to anyone who reads this posting. I have no view of the merits of any of the lawsuits, as I have not read any of the pleadings and have no present intention to participate in any way.
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