|By Marketwired .||
|May 30, 2014 09:48 PM EDT||
NEW YORK, NY -- (Marketwired) -- 05/30/14 -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vertex Pharmaceuticals Inc. ("Vertex" or the "Company") (NASDAQ: VRTX) of the July 28, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Vertex and certain executives and directors.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Vertex common stock between May 7, 2012 and May 29, 2012, inclusive (the "Class Period") in the District of Massachusetts.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the complaint alleges that Vertex announced positive "interim data" from its Phase 2 study of VX-809 and Kalydeco, two of its products, at the beginning of the Class Period, causing a significant increase in the Company's stock price -- from $37.41 to $58.12 per share. The Company's stock rose as high as $64.94 on May 25, 2012, as Defendants continued touting the positive and "unexpected" interim Phase 2 study results. Certain of the Defendants sold approximately $30 million of Vertex stock while the stock price was increased.
On May 29, 2012, Vertex announced that the phenomenal results of the Phase 2 study of the two products had been overstated.
Following this news, the Company's stock declined $7.05, or over 10%, to close at $57.80 on May 29, 2012.
Request more information now by clicking here: www.faruqilaw.com/VRTX. There is no cost or obligation to you.
If you invested in Vertex stock or options between May 7, 2012 and May 29, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/VRTX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Vertex's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330