Navigation Links
Shareholder Class Action Filed Against Vertex Pharmaceuticals Incorporated by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
Date:4/18/2008

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 info@sbtklaw.com.

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 info@sbtklaw.com


'/>"/>
SOURCE Schiffrin Barroway Topaz & Kessler, LLP
Copyright©2008 PR Newswire.
All rights reserved

Related medicine technology :

1. Immtech Announces Posting of Annual Shareholders Meeting Presentation
2. CEL-SCI Corporation Releases Letter to Shareholders
3. Tepha Announces First Human Usage of Medical Devices Derived from New Class of Resorbable Polymers
4. Pharmacopeia Announces Upcoming Late-Breaker Presentation of Phase 2a Results for Its First-in-Class Investigational DARA Compound, PS433540
5. Enanta Reports New Macrolide-Related Drug Class, Bicyclolides, to Combat Hospital and Community Acquired Superbug Infections, Including MRSA
6. NuRx Pharmaceuticals Doses First Patient in Phase I Clinical Trial of First-in-Class RXR Agonist NRX4204
7. HUYA Bioscience Intl Announces World-Class Clinical Advisory Team for New Anti-Arrhythmic Compound Sourced From China
8. CeloNova BioSciences Introduces a New Class of Coronary Stent: The CATANIA(TM) Coronary Stent System with NanoThin Polyzene(R)-F
9. Parker Waichman Alonso LLP and Affiliated Lawfirms Have Filed a Class Action Lawsuit in the United States District Court for the Eastern District of New York Against Merck & Co., Inc. and Schering-Plough Corporation
10. Coley Pharmaceutical Group Diversifies Pipeline with First-in-Class TLR Antagonist for the Treatment of Systemic Lupus Erythematosus
11. Roche Diagnostics HIV Viral Load Test Used in Clinical Trials for Isentress, a New Class of HIV Drug
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... June 23, 2016 Capricor ... ), a biotechnology company focused on the discovery, ... that patient enrollment in its ongoing randomized HOPE-Duchenne ... exceeded 50% of its 24-patient target. Capricor expects ... third quarter of 2016, and to report top ...
(Date:6/23/2016)... 2016  Astellas today announced the establishment of Astellas Farma Colombia (AFC), a new affiliate with operations headquartered in ... America . ... ... ... ...
(Date:6/23/2016)... FRANKLIN, Tenn. , June 23, 2016 ... for automating, integrating and transforming the patient ... launch of several innovative new products and ... depth of its revenue cycle offerings. These ... establish more efficient workflows, remain compliant in ...
Breaking Medicine Technology:
(Date:6/26/2016)... Birmingham, Lake Orion, Clarkston, Michigan (PRWEB) , ... ... ... their direction with respect to fertility once they have been diagnosed with endometriosis. ... for tolerable intercourse but they also require a comprehensive approach that can help ...
(Date:6/25/2016)... Aliso Viejo, California (PRWEB) , ... June 25, 2016 , ... ... preset to fit their specific project," said Christina Austin - CEO of Pixel Film ... all fully customizable and all within Final Cut Pro X . Simply select ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... On Friday, ... presented a Bronze Wellness at Work award to iHire in recognition of their exemplary ... part of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI ...
(Date:6/24/2016)... ... ... June 19, 2016 is World Sickle Cell Observance Day. In an effort to ... treatments, Serenity Recovery Center of Marne, Michigan, has issued a pain management ... (SCD) is a disorder of the red blood cells, which can cause episodes of ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has extensive experience with all areas ... , AcceleDent, and accelerated osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct ...
Breaking Medicine News(10 mins):