RADNOR, Pa., April 18 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of all purchasers of securities of Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) ("Vertex" or the "Company") from June 12, 2007 through November 2, 2007, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
The Complaint charges Vertex and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Vertex is a biotechnology company committed to the discovery and development of breakthrough small molecule drugs for serious diseases. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that its new hepatitis C drug, telaprevir's, (or VX-950) results rivaled the findings on a similar Vertex drug; (2) that patients taking VX-950 only experienced a 6% advantage as compared to 16% in the previous study; and (3) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On November 2, 2007, the Company shocked investors when it disclosed less than stellar results from a phase of testing (PROVE 2) on telaprevir. The results came as a surprise to investors, since the Company failed to indicate the findings of PROVE 2 during the Class Period, when the results became known. The Company had touted the results of telaprevir in PROVE 1, which showed patient improvement at 16% as compared to the control group. However, patients in PROVE 2 displayed results that were only 6% more favorable than those of the control group, which cast serious doubt on the utility of the drug.
Upon the release of this news, the Company's shares immediately declined $2.74 per share, or 8.66 percent, to close on November 2, 2007 at $28.90 per share, on unusually heavy trading volume. As the news spread over the weekend, the stock declined even further, falling $4.82, or 16.68 percent, to close on November 5, 2007 at $24.08.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com
If you are a member of the class described above, you may, not later
than May 12, 2008, move the Court to serve as lead plaintiff of the class,
if you so choose. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class member's
claim is typical of the claims of other class members, and that the class
member will adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not to serve
as a lead plaintiff. Any member of the purported class may move the court
to serve as lead plaintiff through counsel of their choice, or may choose
to do nothing and remain an absent class member.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at email@example.com
|SOURCE Schiffrin Barroway Topaz & Kessler, LLP|
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