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Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) Investor Securities Class Action Lawsuit 03/13/2008

  • If you purchased shares of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Vertex Pharmaceuticals, Inc.
Security
NASDAQ: VRTX

Case Name
Vertex Pharmaceuticals Shareholder Class Action Lawsuit 03/13/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 16, 2008 - A joint stipulation of voluntary dismissal with prejudice was filed and the case was terminated.
September 25, 2008 - The defendants filed a motion to dismiss.

July 21, 2008 - The lead plaintiff filed an amended complaint.

May 29, 2008 - The lead plaintiff and lead counsel were appointed all cases were consolidated.

May 12, 2008 - Lead plaintiff motion was filed.

March 13, 2008 - An investor in shares of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) filed a lawsuit in the U.S. District Court for the District of Massachusetts against Vertex Pharmaceuticals Incorporated over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between June 12, 2007 and November 2, 2007.

Vertex Pharmaceuticals Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of small molecule drugs for the treatment of serious diseases.

According to the complaint, defendants' statements regarding VX-950 and the PROVE 2 trial were materially false and misleading because they failed to disclose unfavorable data regarding VX-950 from the PROVE 2 trial compared to PROVE 1. Specifically, PROVE 1 showed that patients taking VX-950 experienced 16% greater total viral reduction after twelve weeks compared to the control group. The results of PROVE 2, which defendants did not disclose between June 12, 2007 and November 2, 2007, showed an advantage over the control group of only six percent.

The complaint alleges that the defendants made false and misleading statements about the development of Vertex Pharmaceuticals Incorporated' s HCV protease inhibitor, telaprevir or VX-950, for the treatment of hepatitis C. Specifically, defendants made favorable statements regarding VX-950 but failed to disclose unfavorable data from a trial of the drug called PROVE 2. When the truth was disclosed on November 2, 2007, Vertex Pharmaceuticals Incorporated' s (NASDAQ: VRTX) stock price dropped from $31.64 to $24.08 in two trading days.