NEW YORK, March 5, 2024 /PRNewswire/ — Attorney Advertising– Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Ventyx Biosciences, Inc. (“Ventyx” or “the Company”) (NASDAQ: VTYX) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Ventyx securities: (1) pursuant to the registration statement and prospectus issued in connection with the Company’s October 21, 2021 initial public offering (“IPO”); or (ii) between October 21, 2021 and November 6, 2023, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/VTYX.
Case Details:
Ventyx is a clinical-stage biopharmaceutical company that develops small molecule product candidates to address a range of inflammatory diseases. The Company’s lead clinical product candidate is VTX958, a selective allosteric tyrosine kinase type 2 inhibitor for psoriasis, psoriatic arthritis, and Crohn’s disease. In 2022, Ventyx initiated a Phase 2 clinical trial of VTX958 for the treatment of moderate to severe plaque psoriasis (the “Phase 2 SERENITY Trial”).
The Complaint alleges that, because the Offering documents for Ventyx’s IPO were negligently prepared, Defendants made materially false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Ventyx’s lead clinical product candidate 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, the Company’s public statements were materially false and misleading at all relevant times.
On November 6, 2023, during after-market hours, Ventyx issued a press release announcing results from the Phase 2 SERENITY Trial. The Company disclosed that, “[a]lthough the trial achieved its primary endpoint, the magnitude of efficacy observed did not meet our internal target to support advancement of VTX958 in plaque psoriasis.” Based on these results, the Company 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, Ventyx’s common stock price fell $11.36 per share, or 80.62%, to close at $2.73 per share on November 7, 2023.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/VTYX or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Ventyx you have until April 30, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
