NEW YORK, Sept. 7, 2012 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that it is conducting an investigation on behalf of investors in Vertex Pharmaceuticals Incorporated. ("Vertex" or "the Company").
A class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Vertex Pharmaceuticals Incorporated and certain of its officers and directors (collectively, "Defendants"). 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"). Morgan & Morgan is investigating the matter, but has not filed a lawsuit.
If you purchased shares of Vertex between May 7, 2012 and June 28, 2012, you may contact Peter Safirstein or Sheila Feerick at Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or by telephone at 1-800-732-5200 or by email to vertexcase@morgansecuritieslaw.com, or visit our website at www.morgansecuritieslaw.com to discuss this matter.
The class action complaint alleges that Vertex issued materially 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, May 7, 2012, Vertex announced positive "interim data" from its Phase 2 study of VX-809 and Kalydeco. Vertex' stock price surged from $37.41 to $58.12 per share following the May 7th announcement. Soon thereafter, the Company's stock traded as high as $64.85 on May 25, 2012. Certain of the individual Defendants took advantage of this increased stock price 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. Following 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. Following 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.
If you purchased shares of Vertex during the Class Period, you may request that the Court appoint you as lead plaintiff by November 5, 2012. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Morgan & Morgan, or other counsel of your choice, to serve as your counsel in this action
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