VTYX INVESTOR ALERT: Edelson Lechtzin LLP Urges Ventyx Biosciences, Inc. (NASDAQ: VTYX) Shareholders with Substantial Losses to Consult Counsel About the Pending Securities Fraud Class Action
NEWTOWN, PA, March 7, 2024 — Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Ventyx Bioscience, Inc. (“Ventyx”) (NASDAQ: VTYX) common stock: (i) pursuant and/or traceable to the offering documents issued in connection with the Company’s October 21, 2021 initial public offering (“IPO”); and/or (ii) between October 21, 2021, and November 6, 2023, inclusive (the “Class Period”).
Investors who purchased Ventyx common stock may move the U.S. District Court for the Southern District of California to appoint them as lead plaintiff, no later than April 30, 2024. Current holders of Ventyx stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Ventyx Biosciences, Inc.
Headquartered in San Diego, California, Ventyx is a biopharmaceutical company in the clinical stage of development. Its focus is on the creation of oral medications intended to address autoimmune and inflammatory disorders. 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.
The Securities Fraud Claims
The Complaint alleges that throughout the Class Period, the Defendants made false and misleading statements and/or failed to disclose that: (i) VTX958, Ventyx’s lead clinical product candidate for psoriasis, psoriatic arthritis, and Crohn’s disease, was less effective in treating psoriasis than Defendants had led investors to believe; (ii) as a result, VTX958’s clinical and/or commercial prospects were overstated; (iii) accordingly, the company had misrepresented its ability to develop and commercialize effective product candidates; (iv) Ventyx’s post-IPO business prospects were inflated; and (v) as a result, the company’s public statements were materially false and misleading.
On November 6, 2023, Ventyx announced the results of the Phase 2 SERENITY Trial. The study achieved its primary goal, but the treatment’s effectiveness for plaque psoriasis did not meet the company’s expectations. As a result, the company stated that it would immediately terminate the Phase 2 plaque psoriasis trial and end 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.
On November 22, 2023, Ventyx issued a report on Form 8-K disclosing that William J. Sandborn, the President and Chief Medical Officer of the company, would no longer hold these positions.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.