NEW YORK, Sept. 6, 2012 (GLOBE NEWSWIRE) -- Notice is hereby given that Scott+Scott LLP filed a securities class action complaint against Vertex Pharmaceuticals Incorporated ("Vertex" or "the Company") (Nasdaq:VRTX), the Company's Chief Executive Officer ("CEO"), and certain of its officers and directors (collectively, "Defendants") in the United States District Court for the District of Massachusetts. The lawsuit alleges violations of the Securities Exchange Act of 1934 and was filed on behalf of all purchasers of Vertex common stock between May 7, 2012 and June 28, 2012, inclusive (the "Class Period").
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.
You can view a copy of the complaint filed by Scott+Scott at:
http://www.scott-scott.com/cases/new/securities-fraud-litigation-1743-vertex-pharmaceuticals-incorporated-vrtx.html
If you purchased Vertex common stock during the Class Period, you may move the Court no later than November 5, 2012 to serve as lead plaintiff. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Michael Burnett, Esq. at Scott+Scott (mburnett@scott-scott.com (800) 404-7770, (860) 537-5537, or visit the Scott+Scott website, http://www.scott-scott.com/) for more information. There is no cost or fee to you.
Scott+Scott is one of the leading class action law firms in the United States, with offices in New York, Connecticut, Ohio and California. The firm has been directly responsible for the recovery of hundreds of millions of dollars on behalf of its clients through the prosecution of major securities, antitrust and employee retirement plan class action lawsuits. The firm represents pension funds, foundations, individuals, businesses, and other entities worldwide.