NEW YORK, March 20 /PRNewswire/ -- Dreier LLP (http://www.dreierllp.com) announces that a class action lawsuit was commenced in the U.S. District Court for the District of Massachusetts on behalf of investors who purchased Vertex Pharmaceuticals Incorporated ("Vertex" or the "Company") (Nasdaq: VRTX) publicly traded securities during the period from June 12, 2007 through November 2, 2007, inclusive (the "Class Period"). The Complaint alleges that Vertex and certain of the Company's officers and directors (collectively, the "Defendants") violated the Securities Exchange Act of 1934.
If you purchased Vertex publicly traded securities during the Class Period, you may be a member of the proposed Class. You must move the Court on or before May 12, 2008 if you wish to serve as a lead plaintiff. Lead plaintiffs must meet certain legal requirements. If you purchased Vertex publicly traded securities and want to discuss your legal rights, you may contact Bruce D. Bernstein (firstname.lastname@example.org) of Dreier LLP at 800-952- 8897. Class members may retain counsel of their choice and move the Court to serve as a lead plaintiff, or may choose to do nothing and remain absent class members.
Vertex is a pharmaceutical company engaged in the discovery, development and commercialization of small molecule drugs for the treatment of serious diseases.
The Complaint alleges that, among other things, during the Class Period Defendants misled investors by making materially false and misleading statements concerning the development of Vertex's new HCV protease inhibitor: telaprevir or VX-950. Ultimately, Vertex intends to use the inhibitor in a new drug targeted at the treatment of hepatitis C. Among other things, the Complaint alleges that Defendants made positive statements concerning VX-950 and the Company's PROVE 2 trial while simultaneously failing to disclose unfavorable data uncovered during the PROVE 2 trial. On November 2, 2007, before the market closed, the Company disclosed the truth concerning the PROVE 2 trial. As a direct and proximate result of this news, the price of Vertex stock declined $2.74 per share to close at $28.90 per share, a one day decline of 9%, on extremely high trading volume.
Dreier LLP's Class Action Litigation Group has vast experience representing domestic and foreign institutional and individual investors in securities and other class actions throughout the country. The partners who head Dreier LLP's Class Action Litigation Group have successfully prosecuted securities fraud class actions in a wide variety of industries and have played a significant role in cases that have resulted in some of the largest securities class action settlements. Prior results do not guarantee a similar outcome. As of the date of this Notice, Dreier LLP has not filed a Complaint against Vertex.
Background on Dreier LLP
Dreier LLP was founded in 1996 by Marc Dreier as a more responsive and
innovative alternative to traditional "large-firm" lawyering. Dreier LLP
represents a wide range of institutional, entrepreneurial and individual
clients in diverse sectors of financial, industrial and service-oriented
markets. The firm's principal practices are commercial litigation, class
action litigation, real estate, bankruptcy and corporate reorganization,
employment, corporate and securities, entertainment, intellectual property,
matrimonial and tax. Dreier LLP's Los Angeles affiliate, Dreier Stein Kahan
Browne Woods George LLP, has its principal practice in entertainment and
commercial litigation and corporate transactions. The firm's New York
affiliate Schlesinger Gannon & Lazetera LLP has an extensive practice in
the area of trusts and estates law. Pitta & Dreier LLP is an affiliate
which specializes in labor law, and Pitta, Bishop, Del Giorno & Dreier LLP
specializes in government relations. In the 12 years since its founding,
Dreier LLP, with its affiliate members, has grown to more than 200
attorneys, with its principal office at 499 Park Avenue in Manhattan, and
additional offices in Los Angeles and Santa Monica, California; Albany, New
York; and Stamford, Connecticut.
|SOURCE Dreier LLP|
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