San Diego, CA -- (ReleaseWire) -- 06/02/2014 -- An investor who purchased shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Vertex Pharmaceuticals Incorporated in connection with certain allegedly false and misleading statements made between May 7, 2012 and May 29, 2012.
Investors who purchased a significant amount of shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) between, and / or those who purchased any NASDAQ:VRTX shares prior to May 2012 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: July 28, 2014. NASDAQ:VRTX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) common shares between May 7, 2012 and May 29, 2012, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The plaintiff claims that Vertex Pharmaceuticals Incorporated issued allegedly false and misleading public statements concerning a pharmaceutical study of its products, VX-809 and Kalydeco.
Specifically, the plaintiff alleges that at on May 7, 2012, Vertex Pharmaceuticals Incorporated announced positive "interim data" from its Phase 2 study of VX-809 and Kalydeco and that this caused a significant increase in Vertex Pharmaceuticals Incorporated’s stock price, from $37.41 to $58.12 per share.
The plaintiff claims that as Defendants continued heralding the positive and "unexpected" interim Phase 2 study results, Vertex Pharmaceuticals Incorporated’s stock traded as high as $64.94 on May 25, 2012 and that certain of the individual Defendants took advantage of this stock price increase to sell approximately $30 million of Vertex Pharmaceuticals Incorporated stock.
The plaintiff says on May 29, 2012, Vertex Pharmaceuticals Incorporated announced that the exceptional results of the Phase 2 study of the two medications were grossly overstated and that on this news, Vertex Pharmaceuticals Incorporated's stock price fell from a close of $64.85 on May 25, 2012 to a close of $57.80 on May 29, 2012.
Vertex Pharmaceuticals Incorporated reported that its annual Total Revenue rose from $143.37 million in 2010 to over $14.1 billion in 2011 and that its Net Loss of $754.63 million in 2010 turned into a Net income of $29.57 million in 2011.
Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) grew from $26.60 per share in November 2011 to as high as $85.60 per share in April 2013.
For 2012 Vertex Pharmaceuticals Incorporated’s annual Total Revenue rose to over $1.52 billion with a Net Loss of $107.03 million and for 2013 its annual Total Revenue declined to over $1.21 billion with an increased Net Loss of $445.03 million.
Shares of Vertex Pharmaceuticals Incorporated declined to $61.06 per share in November 2013, respectively $63.06 per share in April 2014.
On May 29, 2014, NASDAQ:VRTX closed at $72.81 per share.
Those who purchased shares of Vertex Pharmaceuticals Incorporated have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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