|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 5060 | Stocks | 07/17/2008
On May 12, 2008, a motion to consolidate cases, to appoint lead plaintiffs and for the approval of the selection of lead counsels was filed by City of Fort Myers Police Officers' Retirement System.
According to press release dated March 13, 2008, the complaint charges Vertex and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Vertex is a pharmaceutical company engaged in the discovery, development and commercialization of small molecule drugs for the treatment of serious diseases. The complaint alleges that during the Class Period, defendants made false and misleading statements about the development of Vertex' s HCV protease inhibitor, telaprevir or VX-950, for the treatment of hepatitis C. Specifically, defendants made favorable statements regarding VX-950 but failed to disclose unfavorable data from a trial of the drug called PROVE 2. When the truth was disclosed on November 2, 2007, Vertex' s stock price dropped from $31.64 to $24.08 in two trading days. According to the complaint, defendants' statements regarding VX-950 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. If you bought Vertex Pharmaceuticals Incorporated securities and would like to obtain information about the Vertex Pharmaceuticals Incorporated lawsuit, then you are invited to call Kahn Gauthier Swick, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.kgscounsel.com. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against biotechnology company Biopure Corporation (Nasdaq:BPUR) and certain of its officers and directors by stockholders who purchased the company's common stock between March 17, 2003, and December 24, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations regarding Biopure’s blood replacement product to the market over this time period, thereby artificially inflating the price of the company's securities. The case was removed from the State Supreme Court by the Defendants to the U.S. Federal District Court in the Southern District of New York on October 22, 2008.
A class action has been filed on behalf of all persons or entities who purchased or sold stocks of companies listed on the American or New York stock exchanges that were auctioned by the defendant specialists LaBranche & Company, Inc.; Bear Wagner Specialists LLC; Spear, Leeds & Kellogg Specialists LLC; Van der Moolen Specialists USA, LLC; and Fleet Specialist, Inc. during the period between October 17, 1998, and October 15, 2003. The action claims that the defendants violated federal securities laws by engaging in an unlawful and deceitful course of business designed to financially advantage themselves to the detriment of class members. Several class actions have been filed against mobile satellite communications manufacturer KVH Industries, Inc., (Nasdaq:KVHI) and certain of its officers and directors by stockholders who purchased the company's common stock between January 6, 2004, and July 2, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed in the Northern District Court of Illinois against Office Max Inc, (NYSE:OMX) a multinational contract and retail distributor of office supplies, paper, technology products and office furniture, and certain of its officers and directors by stockholders who purchased the company's common stock between November 9, 2004 and January 11, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On March 14, 2008, a consolidation order was entered. As a result, an order closing consolidated cases for statistical purposes was entered on March 20, 2008. In addition, several motions to appoint lead plaintiffs and counsels were filed on April 08, 2008 by different groups and individuals. Just as quickly, several proposed orders in regards to the previous motions to appoint lead plaintiffs and counsels were also entered on April 08, 2008. The case continues with several responses in support of the existing motions to appoint lead plaintiffs and counsels by different groups and individuals, which were filed on April 25, 2008. At the same time, on April 25, 2008, a motion to continue and motion for administrative relief pursuant to civil local rule 7-11 was filed. Hence, a proposed order in response to the motion to continue and motion for administrative relief filed earlier was entered on April 25, 2008. On May 09, 2008, a deadline was set and an order was entered in the matter of allowing different groups to file a supplemental reply in regards to the continuous hearing on motions to appoint lead plaintiffs. As different notices and responses were filed continuously after the deadline has been set, the court made its final order on May 27, 2008, granting and denying different groups and individuals as lead plaintiffs and counsels.
|
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
