LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming April 30, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired 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”).
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased or otherwise acquired Ventyx securities, you may move the Court no later than April 30, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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