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Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) Investor Securities Class Action Lawsuit 05/28/2014

  • 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 05/28/2014
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

October 3, 2016 - The U.S. Court of Appeals for the First Circuit affirmed the district court's decision.
October 15, 2015 - The lead plaintiff filed a notice of appeal.

September 30, 2015 - The court granted defendants' motion to dismiss.

October 8, 2014 - The lead plaintiff and lead counsel were appointed.

July 28, 2014 - Lead plaintiff motions were filed.

May 30, 2014 - 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 May 7, 2012 and May 29, 2012.

According to the complaint the plaintiff alleges on behalf of purchasers of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) common shares between May 7, 2012 and May 29, 2012, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The plaintiff claims that Vertex Pharmaceuticals Incorporated issued allegedly false and misleading public statements concerning a pharmaceutical study of its products, VX-809 and Kalydeco.

Specifically, the plaintiff alleges that at on May 7, 2012, Vertex Pharmaceuticals Incorporated announced positive interim data from its Phase 2 study of VX-809 and Kalydeco and that this caused a significant increase in Vertex Pharmaceuticals Incorporated’s stock price, from $37.41 to $58.12 per share.

The plaintiff claims that as Defendants continued heralding the positive and unexpected interim Phase 2 study results, Vertex Pharmaceuticals Incorporated’s stock traded as high as $64.94 on May 25, 2012 and that certain of the individual Defendants took advantage of this stock price increase to sell approximately $30 million of Vertex Pharmaceuticals Incorporated stock.

The plaintiff says on May 29, 2012, Vertex Pharmaceuticals Incorporated announced that the exceptional results of the Phase 2 study of the two medications were grossly overstated and that on this news, Vertex Pharmaceuticals Incorporated's stock price fell from a close of $64.85 on May 25, 2012 to a close of $57.80 on May 29, 2012.

Vertex Pharmaceuticals Incorporated reported that its annual Total Revenue rose from $143.37 million in 2010 to over $14.1 billion in 2011 and that its Net Loss of $754.63 million in 2010 turned into a Net income of $29.57 million in 2011.

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) grew from $26.60 per share in November 2011 to as high as $85.60 per share in April 2013.

For 2012 Vertex Pharmaceuticals Incorporated’s annual Total Revenue rose to over $1.52 billion with a Net Loss of $107.03 million and for 2013 its annual Total Revenue declined to over $1.21 billion with an increased Net Loss of $445.03 million.

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) declined to $61.06 per share in November 2013, respectively $63.06 per share in April 2014.