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VX-950 Class Action Sec. Fraud
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.
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.
I was in the PROVE2 trial and drew the no riba group. I did not SVR.
I do have an issue with the trial, which is that it was never explained to me about the possible consequences re. that I might develop resistance to telaprevir if I got the drug and failed to SVR. I accepted from the outset that the trial tx might fail, but I did not know that it was my one and only shot with telaprevir. If I had been informed of that I don't think I would have done the trial. Furthermore, it has been explained by HR on this forum that any experienced virologist would have known about the danger of developing resistance, from the history of the development of HIV antivirals.
Trial recruits are supposed to give 'informed' consent and to be informed by the study doc. So there was definitely pertinent negative information witheld from me. I find it a sad comment on this society that people can sue because they allegedly lost money by information being witheld but not because they may have lost their chance at a cure and in theory their fight for life. The no-riba groups were an out-and-out scandal but it seems that anything goes as far as trial participants' rights.
As for the posting of this thread, I'm all for making information public. As far as I can make out, most folk with hepC try their best to make informed choices with insufficient information to go on and there's no need to perpetuate that by suppressing what information there is. Thanks for posting, anonymice.
It pains me to write this because I know how important it is to have hope and how depressing it is when seemingly disappointing news comes out. But the other side of that is the kind of blind optimism which got me into a train wreck. I hope Vertex gets approval and gets telaprevir on to the shelves pronto because it obviously works. That doesn't mean that we should ignore the trail of wreckage it left behind on the way. There are many more drugs and many more trials to come. Hopefully lessons can be learned which will add up to less people getting hurt in future trials.
dointime
I do have an issue with the trial, which is that it was never explained to me about the possible consequences re. that I might develop resistance to telaprevir if I got the drug and failed to SVR. I accepted from the outset that the trial tx might fail, but I did not know that it was my one and only shot with telaprevir. If I had been informed of that I don't think I would have done the trial. Furthermore, it has been explained by HR on this forum that any experienced virologist would have known about the danger of developing resistance, from the history of the development of HIV antivirals.
Trial recruits are supposed to give 'informed' consent and to be informed by the study doc. So there was definitely pertinent negative information witheld from me. I find it a sad comment on this society that people can sue because they allegedly lost money by information being witheld but not because they may have lost their chance at a cure and in theory their fight for life. The no-riba groups were an out-and-out scandal but it seems that anything goes as far as trial participants' rights.
As for the posting of this thread, I'm all for making information public. As far as I can make out, most folk with hepC try their best to make informed choices with insufficient information to go on and there's no need to perpetuate that by suppressing what information there is. Thanks for posting, anonymice.
It pains me to write this because I know how important it is to have hope and how depressing it is when seemingly disappointing news comes out. But the other side of that is the kind of blind optimism which got me into a train wreck. I hope Vertex gets approval and gets telaprevir on to the shelves pronto because it obviously works. That doesn't mean that we should ignore the trail of wreckage it left behind on the way. There are many more drugs and many more trials to come. Hopefully lessons can be learned which will add up to less people getting hurt in future trials.
dointime
Not planning to treat for awhile but how many of you were involved in trials that are still presently here and how are you doing
I'm soooo glad of your success, after that long of trying with soc... and I'm sure your giving many hope when they didn't have much...good on you!!!!!
If Vertex can cure me it can cure anyone. A huge problem with the PROVE trials is patient compliance, it was constantly stressed that taking the medicine every 8 hours was cucial to success. It took daily phone calls and reminder emails from my husband while I was at work and alarms all over our condo to keep me up to speed. This worked though, as I had never gone below 114K viral load on SOC and I fell from 14 million to 0 in 10 days on this stuff and have been there ever since. Those of you suing the company should hope you never need the help of an experimental drug to save your life; no matter how much money you milk Vertex for there is still no way your money can buy health.
I agree with you 100%. I aargued repeatedly here that Vertex has done their best to produce a great new drug. Many people in spite of overwhelming evidence to the contrary, insist the trials are rigged.
All I can say is that I am grateful to Vertex and their drug, I do NOT believe for one second that Telaprevir will fail or that it is "over-hyped". I failed 96 total weeks of SOC and after 25 years of infection and severe scarring, this drug has finally done the trick and cured me. We need to look beyond the stock price and to who the real victims are here; those are the patients infected who will one day face death or a transplant because we would rather crucify a company for being excited about its trials. No one should die from being a victim of red tape.
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