BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of Ventyx Biosciences, Inc. (“Ventyx” or the “Company”) (NASDAQ: VTYX) investors who purchased: (a) common stock pursuant and/or traceable to the Company’s October 2021 initial public offering (“IPO”); and/or (b) securities between October 21, 2021 and November 6, 2023, inclusive (the “Class Period”). Ventyx investors have until April 30, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Ventyx investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 215-638-4847 or by email to howardsmith@howardsmithlaw.com.
On or about October 21, 2021, Ventyx conducted its IPO, selling over 9 million shares of common stock at $16.00 per share.
On November 6, 2023, Ventyx announced results from the Phase 2 SERENITY Trial for its plaque psoriasis treatment, VTX958, disclosing that “[a]lthough the trial achieved its primary endpoint, the magnitude of efficacy observed did not meet [the Company’s] internal target to support advancement of VTX958,” and that the trial would be terminated.
On this news, Ventyx’s stock price fell $11.36, or 80.6%, to close at $2.73 per share on November 7, 2023, thereby injuring investors.
Then, on November 22, 2023, Ventyx disclosed that the Company’s President and Chief Medical Officer would no longer serve in those roles.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants failed to disclose to investors that: (1) VTX958 was less effective in treating psoriasis than Defendants had led investors to believe; (2) as a result, VTX958’s clinical and/or commercial prospects were overstated; (3) accordingly, the Company had misrepresented its ability to develop and commercialize effective product candidates; (4) Ventyx’s post-IPO business prospects were thus inflated; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Ventyx securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com