NEW YORK, Nov. 27, 2012 /PRNewswire/ -- Morgan & Morgan announces an investigation into whether certain officers and directors of Vertex breached their fiduciary duties to VRTX shareholders in connection with Vertex's recent public acknowledgement that it made inaccurate disclosures about the Phase 2 clinical studies of VX-909 and Kalydeco, two experimental drugs in clinical trials. No decision to file a lawsuit has been made. If you are a current shareholder of Vertex Pharmaceuticals and are interested in learning more about our Vertex (VRTX) shareholder lawsuit investigation, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at firstname.lastname@example.org.
On May 7, 2012, Vertex issued a press release claiming that patients who received VX-909 and Kalydeco during a phase 2 clinical trial showed significant improvement in their lung functions. Published reports state that between May 7, 2012 and May 25, 2012, certain Vertex officers and directors sold over $22 million of their personally owned shares. On May 29, 2012, Vertex acknowledged publicly that the results from its clinical trials were not as positive as previously indicated. On June 27, 2012 Vertex admitted that the May 7th statements were simply inaccurate. Vertex's stock price declined significantly on the news.
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