Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, April 15, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Ventyx Biosciences, Inc. (“Ventyx” or the “Company”) (NASDAQ: VTYX) investors that a lawsuit was filed on behalf of investors that purchased Ventyx securities between October 21, 2021 and November 6, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Around October 21, 2021, Ventyx went public, offering more than 9 million shares at $16.00 each.
By November 6, 2023, Ventyx had shared the results of its Phase 2 SERENITY Trial for the plaque psoriasis medication VTX958, stating that while the trial met its primary goal, the effectiveness level did not reach the company's internal standards for further development, leading to the trial's termination.
Following this announcement, Ventyx's share price plummeted by $11.36, a 80.6% decrease, ending the day at $2.73 on November 7, 2023, significantly impacting investors.
Subsequently, on November 22, 2023, it was revealed that the President and Chief Medical Officer of Ventyx would be stepping down from their positions.
The lawsuit initiated in this class action claims that during the specified period, the defendants consistently provided false or misleading information and neglected to reveal important negative details about the company's business, activities, and future outlook. In particular, the litigation states that the offering documents and the defendants did not inform investors that: (1) VTX958 was not as effective for treating psoriasis as had been indicated; (2) therefore, the clinical and/or commercial viability of VTX958 was exaggerated; (3) as a consequence, the company's capability to develop and market effective product candidates was misrepresented; (4) hence, Ventyx's business prospects following the IPO were overestimated; and (5) therefore, the optimistic statements made by the defendants regarding the company's business, activities, and outlook were substantially misleading and/or lacked a sound basis at all times relevant.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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