My general impression of this "class action lawsuit" is that it is wicked and frivolous and motivated by selfishness and greed. The price movement alleged to have occurred due to the alleged tort is not that great for this type of stock since the stock is a bet on future earnings. Even if the lawsuit is successful, the recovery (except for the lawyers) will be insignificant. Vertex is trying to get a drug approved that will help the suffering and improve the suffering of people with HCV. If I never benefit from my purchase of VRTX shares I still hope the drug is successful and pray for the best for all people suffering from HCV.
perhaps most suits of this type could be called 'baseless to near-baseless'. And I dont think its 'the class' that instigates them in many cases. I also wonder if they are ever brought in an effort to influence share price..is that crazy?
Wicked and frivolous? Gee,...D'ya think? I just googled these beauties and they have been nothing, if not busy. I gave up after the second page, but here's a very small sampling of the class action lawsuits they've filed:
3/17/08 Michael Baker Corp. 3/13/08 Force Protection, Inc 3/6/08 Superior Offshore Int'l 2/22/08 OpNext, Inc 2/2/08 Teletech Holdings 2/2/08 Panera Bread 2/2/08 Centerline Holdings 3/30/07 US Auto Parts Network 8/06 Jos. A. Banks CLothiers, Inc 8/06 Fox Hollow Technologies
Are you seeing a pattern? Something tells me that if you googled the other firm, you'd see more of the same.
These folks give new meaning to the word "frivolous"....seems like somewhere, some of us forgot that biotech is "speculative". If there was ever an area to invest in what you "believe in", it is biotech...and there can never be any guarantees.
Under all these layers of whining, the fundamentals are still intact...Telaprevir reduces tx time by half and increases the odds of SVR by at LEAST 15%. It will be approved. Now I'm getting greedy, personally, and wanting Vertex to ask for approval in 2009 for me as a non-responder to try Telaprevir.
There is a relationship between all the damn money Schering and Roche have made of SOC and the number of non-responders now. So there is a LARGE "revenue" base already in place, just waiting to try again, with Telaprevir added to the mix and in the process, throw that money at Vertex.
If they can't take the heat..or the wait..why aren't they investing in Pepsi?