NEW YORK, Oct. 30, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the District of Massachusetts , case number 03 Civ. 12085, on behalf of all persons or entities who purchased or otherwise acquired Vertex Pharmaceuticals, Inc. ("Vertex" or the "Company") securities (Nasdaq:VRTX) during the period between March 27, 2000 and September 24, 2001, both dates inclusive (the "Class Period"). The Complaint names Vertex Pharmaceuticals, Inc., Joshua S. Boger, Vicki L. Sato, Ian F. Smith, John J. Alam, M.D. Mark Murcko, Kenneth S. Boger, and Andrew S. Marks as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at info@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission.
Specifically, the Complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts, among others: (a) that p38 MAPK has a varied tissue distribution and is implicated not only in inflammation and arthritis, but also in cellular models for neuronal differentiation and effects, presenting multiple targets and significant drug design challenges, which defendants knew from well before the beginning of the Class Period; (b) that small, highly lipophilic molecules designed as inhibitors of p38 MAPK are at great risk of crossing the blood-brain barrier and of causing neuronal effects; (c) that defendants already knew or should have known what constituted an acceptable absorption, distribution, metabolism and excretion ("ADME") profile for p38 MAPK inhibitors targeting inflammation and arthritis, as opposed to inhibitor targets for neuronal effects, particularly the desired molecular weight and lipophilicity, as well as the correlation of lipophilicity with the potential for p38 MAPK related neuronal effects; (d) that defendants knew or should have known, as early as 1998, of the importance of lipophilicity in the design of p38 MAPK inhibitors, since they had designed at least one other class of potential inhibitory molecules targeting p38 MAPK, possessing significantly lower lipophilicity; (e) that VX- 745, a potential p38 MAPK inhibitor intended to target inflammatory disease, asthma, crohn's disease and rheumatoid arthritis, was exceptionally lipophilic and thus would be predicted to cross the blood-brain barrier and thus to cause neuronal effects; (f) that once clinical testing of VX-745 had commenced, defendants quietly continued the preclinical testing of VX-745 in secret, despite public assurances that they would not commence clinical development until all preclinical studies were completed; (g) that defendants purposefully delayed the announcement of renewed long-term preclinical studies of VX-745 in animals until announcement of study results to avoid connection of the need for the renewed studies with the October 2000 disclosure of defendants' problems with the Vertex first-generation drug candidate selection process; (h) that the announcement of the unsuitability of VX-745 as a drug candidate was similarly delayed until two months after completion of the merger with Aurora Biosciences Corp.; and (i) that the failure to disclose the defective nature of the VX-745 program, including but not limited to physical and chemical properties, ADME profile, tests, experiments, and preclinical and clinical studies, would prevent investors and Aurora Biosciences Corp. shareholders from learning the extent of the misrepresentations made to them during the Class Period.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. If you purchased or otherwise acquired Vertex common stock during the Class Period described above, you may, no later than November 24, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
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