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VTYX.US
id: 1125
Ventyx Biosciences (VTYX) Lead Product Candidate Failure Case
The plaintiff has voluntarily dismissed the case, ending the lawsuit.
S.D. California
Court3:24-cv-00415
Case number10/21/2021
Class period Start11/06/2023
Class period End04/30/2024
Lead Plaintiff motion deadline- $VTYX stockholder filed a claim vs. Ventyx Biosciences for purportedly overpromising the potential success of plaque psoriasis candidate during the IPO in 2021.
- In November 2022, disappointing Phase 2 SERENITY Trial results caused $VTYX to fall 80%, losing $672 million in shareholder value.
On November 6, 2023, Ventyx Biosciences (VTYX) announced the results of the Phase 2 SERENITY Trial, disclosing that "although the trial achieved its primary endpoint, the magnitude of efficacy observed did not meet our internal target to support the advancement of VTX958 in plaque psoriasis."
Based on these results, Ventyx announced that it "will terminate ongoing activities in the Phase 2 plaque psoriasis trial effective immediately" and "terminate the ongoing Phase 2 trial of VTX958 in psoriatic arthritis."
On this news, $VTYX fell 80.6% and lost over $672 million of its market capitalization, seriously damaging investors.
Then, on November 22, 2023, Ventyx disclosed that its President & CMO, William J. Sandborn, would cease to serve in those roles.
$VTYX is trading at $8.5 per share, well below the $16 IPO price.
Considering all the facts, investors have reasons to suspect Ventyx and its Leader of overpromising the potential success of the lead product candidate during the IPO in 2021.
The first $VTYX stockholder filed a claim vs. Ventyx over misleading IPO in S.D. California court.
Case Status
Voluntary Dismissed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Investment Bank
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/07/2023
Filing date
03/01/2024
Lead Plaintiff Deadline
04/30/2024