Case Page

 

Case Status:    DISMISSED    
On or around 05/27/2014 (Other)

Filing Date: September 06, 2012

According to the law firm press release, the complaint alleges that Vertex issued false and misleading public statements concerning a pharmaceutical study of its products VX-809 and Kalydeco. Specifically, the complaint alleges that at the start of the Class Period on May 7, 2012, Vertex announced positive "interim data" from its Phase 2 study of VX-809 and Kalydeco. This caused a significant increase in the Company's stock price -- from $37.41 to $58.12 per share. As Defendants continued heralding the positive and "unexpected" interim Phase 2 study results, the Company's stock traded as high as $64.85 on May 25, 2012. Certain of the individual Defendants took advantage of this stock price increase to sell approximately $30 million of Vertex stock.

On May 29, 2012, the Company announced that the exceptional results of the Phase 2 study of the two medications were grossly overstated. On this news, the Company's stock price fell from a close of $64.85 on May 25, 2012 to a close of $57.80 on May 29, 2012. Then, approximately one month later, on June 28, 2012, the Company again revised the test results downward. In response to this news, the Company's stock price plummeted from a close of $61.11 on June 27, 2012, to a close of $51.18 on June 28, 2012.

On December 21, 2012, the Court granted the City of Bristol Pension Fund’s motion, thereby appointing the Fund as lead plaintiff, and Scott+Scott LLP as lead counsel in this case.

On March 31, 2014, the Court issued an Order granting Defendants' motion to dismiss.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VRTX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 12-CV-11654
JUDGE: Hon. Patti B. Saris
DATE FILED: 09/06/2012
CLASS PERIOD START: 05/07/2012
CLASS PERIOD END: 06/28/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott & Scott LLP (New York-Current)
    500 Fifth Avenue, 40th Floor, Scott & Scott LLP (New York-Current), NY 10110
    212.223.6444 212.223.6334 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 12-CV-11654
JUDGE: Hon. Patti B. Saris
DATE FILED: 02/11/2013
CLASS PERIOD START: 05/07/2012
CLASS PERIOD END: 06/28/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date