VX-950 Class Action Sec. Fraud

[anonymice]

I have been an reader of these boards for several years - (don't participate - just mostly read).  I was interested a few years ago in the data on the Vertex (VX-950 Telepravir) Prove 1 Prove 2, and the ongoing trials.  It's been a while since I came by to see how the trials were doing or how folks in the trials were doing.  The boards have changed since I've been by (been a few months).   I don't see much "talk" on VX-950 on the boards (not like I used to - might be because I'm not looking in the right place), but anyhow - I came by to see if anyone had posted on the class action law suit that's been filed against Vertex (on behalf of investors / stock holders).   Was just wondering - have you all heard this?    I've gotten several news alerts on it in the last several days.   Thought some here might be interested.  You can read the complaint filed by going to the several law firms representing the plaintiffs if you're interested in seeing it.  Just google Vertex Class Action.   I've quoted from one law firm here without using their names  (don't know if that's allowed - if not - sorry.)   There is a deadline for investors - May 12,2008.


Symbol:  VRTX
Purchase Dates:  June 12th, 2007 - November 2nd, 2007
Deadline for Filing Lead Plaintiff Motion:  May 12th, 2008
Download the Complaint:  Vertex Complaint.pdf

March 18, 2008 - The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Massachusetts on behalf of all persons who purchased the publicly traded securities of Vertex Pharmaceuticals, Inc. ("Vertex" or the "Company")(NASDAQ: VRTX) between June 12, 2007 and November 2, 2007, inclusive (the "Class Period").

The Complaint charges that Vertex and certain of its officers and directors violated federal securities laws. Specifically, defendants’ statements regarding the development of Vertex’s HCV protease inhibitor, telaprevir or VX-950, for the treatment of hepatitis C and the PROVE 2 trial were materially false and misleading because they failed to disclose unfavorable data regarding VX-950 from the PROVE 2 trial compared to PROVE 1. Specifically, PROVE 1 showed that patients taking VX-950 experienced 16% greater total viral reduction after twelve weeks compared to the control group. The results of PROVE 2, which defendants did not disclose during the Class Period, showed an advantage over the control group of only six percent. When the truth was disclosed on November 2, 2007, Vertex’s stock price dropped from $31.64 to $24.08 in two trading days.

If you are a member of the class, you may, no later than May 12, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

[copyman]

My personal experience with the stock is that it is making me money so far. The day after seeing my UNDE 3 week pcr i purchased $5000 worth of vertex stock. Today a month later that stock is worth $7300 at $30 per share. I can see that stock easily hitting the $50-100 per share price when Telaprevir gets FDA approval. I look at it this way, I'm a paid lab rat :-)

[jmjm530]

sorry folks for some mumble jumble lately, but I'm using voice recognition software to rest my tendinitis, and like my ex-girlfriend the software often just doesn't want to listen to me LOL

[jmjm530]

In case anyone missed it, this thread is almost a year old. I do remember something about a suit last year, but parent why things are been resolved at least in the sense that the new trial results are very promising, then that the stock has done quite well this past year. In fact, if I remember correctly,Vertex was a number one performing stock in 2008 in the Nasdaq. Granted, not a great year for the NASDAQ :) but still Vertex was number 1, up up I think somewhere around 30%.

-- Jim

[zazza]

Miked is SVR. Hope you will be too.

[lynnie950]

You mentioned you were UND at week 2 and week 12, by taking  vx950 and ribivirin and Peg.  I was wondering the outcome when you were checked at wk 24. Cured or not.  
I finished my treatment on dec 4th. I was UND at wk 2 and also at wk 12.  At wk 24 doc called me to say stop treatments.  I was still UND.On dec 4th i took my last dose of ribivirin and peg. The doc drew blood that day.  I go back on Jan 5th to draw blood again. This will really tell the tale, since I have not had any drugs in my system for a month.
Please get back to me and let me know how you are doing. I will also let you know how I am doing.  I am praying for you and my family has prayed a lot for me.  I am grateful for that.









vx

[merryBe]

I remember a huge scuttle butt about Vertex skewing numbers last year. Guess we all thought it got resolved but maybe not.

It could be the reduction in percentage is due to a tighter control in phase 2.
I mean, since they had so much trouble with cryopenia they may have lowered the dosing across the board, and hence gotten less results. (Of course if rescue drugs were allowed, then the greater dosages and hence results might follow.

In any case, the way they garbled their numbers I'm not sure anyone would know which ones to believe.
Maybe it's just important to know some of us will get something that might help...even if it does only turn out to give a 5 percent bump.
Like with HIV 12 drugs equally 20 extra years.....we'll take whatever we can get!
Of course, if I counted a penny for every time a stock I owned had doctored their numbers I could take you all to lunch!!
mb