They have none:
"Vertex stock sinks as firm concedes errors" by Robert Weisman and Beth Healy |
Globe Staff, May 29, 2012
When Vertex Pharmaceuticals Inc. reported promising
clinical trial data for an experimental cystic fibrosis treatment on May
7, its stock price vaulted more than 55 percent — the largest one-day
jump since the Cambridge biotech went public 22 years ago.
But three weeks later, after five executives and two directors took
advantage of the dramatic surge and sold off shares worth millions of
dollars, Vertex said Tuesday that the report had overstated the trial’s
interim findings....
The vampires at Vertex sucked the company treasury dry.
Company officials said most of the stock sales by executives and
directors in the days following the disclosure of the encouraging
clinical study results stemmed from preexisting plans — known as
10b5-1’s — that allow them to automatically exercise options and sell
certain shares at regular intervals or set prices. In some cases, sales
were triggered by the share price hitting a specific level. Other sales
were conventional open-market stock transactions, they said....
--more--"
Yeah, it was all a big mistake, right.
Then it happened again?
Also see: Executive Payday: Vile Vertex
Have they made any drugs or money yet?
Next Day Update: Senator presses SEC chief on Vertex stock jump
Classic case of horse out of the barn, Chuck.
More: Two Vertex executives are stepping down
