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Vertex Pharmaceuticals Incorporated Summary: According to press release dated March 13, 2008, the complaint charges Vertex and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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 during the Class Period, defendants made false and misleading statements about the development of Vertex' 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' s stock price dropped from $31.64 to $24.08 in two trading days.
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 during the Class Period, showed an advantage over the control group of only six percent.
INDUSTRY CLASSIFICATION:
SIC Code: 2834
Sector: Healthcare
Industry: Biotechnology & Drugs
| COMPANY/ISSUER NAME: | Vertex Pharmaceuticals Incorporated |
| COMPANY/ISSUER TICKER: | VRTX |
| COMPANY WEBSITE: | http://www.vpharm.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Waterford Township Police & Fire Retirement System, et al. v. Vertex Pharmaceuticals Incorporated, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 3/13/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Barbara J. Robinson, et al. v. Vertex Pharmaceuticals Incorporated, et al. | |||
| Type: Complaint | Date on the document: 4/18/2008 | ||
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