A securities class action has been filed in the USDC — S.D.CA. against Ventyx Biosciences, Inc. (VTYX) (“Ventyx” or the “Company”), on behalf of all persons and entities other than Defendants that purchased or otherwise acquired: (a) Ventyx common stock pursuant and/or traceable to the Prospectus and with the Registration Statement (the “Offering Documents”) issued in connection with the Company’s initial public offering conducted on or about October 21, 2021 (the “IPO” or “Offering”); and/or (b) Ventyx securities between October 21, 2021 and November 6, 2023, both dates inclusive (the “Class Period”).
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 the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. In addition, throughout the Class Period, Defendants made materially false and 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) 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, thereby harming investors.
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