Securities Class Action Filed By Shepherd, Finkelman, Miller & Shah, LLP On Behalf Of Hemispherx Biopharma Securities Purchasers Between February 18, 2009 And November 2, 2009
MEDIA, Pa., Dec. 8 /PRNewswire/ -- Shepherd, Finkelman, Miller & Shah, LLP ( http://www.sfmslaw.com; e-mail: firstname.lastname@example.org), a law firm with offices in California, Connecticut, Florida, New Jersey, Pennsylvania and Wisconsin, has filed a lawsuit seeking class action status in the United States District Court for the Eastern District of Pennsylvania against Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company") (Amex: HEB) and the Company's CEO, William A. Carter, M.D., on behalf of all purchasers of Hemispherx securities between February 18, 2009 and November 2, 2009, inclusive (the "Class Period"). A copy of the Complaint filed in this action can be obtained from the Court, or you can call our offices toll free at either 866/540-5505 or 877/891-9880 to speak with an attorney regarding this matter and we will send you a copy of the Complaint.
The Complaint alleges that the Company violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that, throughout the Class Period, the Company issued a series of materially false and misleading statements to the market concerning the status of its application for approval by the U.S. Food and Drug Administration ("FDA") of Ampligen, its experimental drug for the treatment of Chronic Fatigue Syndrome. While the market understood that the Company's application was complete and that any delays in FDA action were due to constraints on the FDA's resources, the Company took advantage of the inflated stock price to, among other things, raise millions of dollars in two public stock offerings.
On November 2, 2009, the Company announced that it still needed to submit additional information to the FDA, and revealed that it had already submitted six previously undisclosed reports to the FDA. As noted by market observers, this news stood in stark contrast to Class Period statements regarding the supposed status of Hemispherx's New Drug Application ("NDA"). As a result of this revelation, shares of Hemispherx's common stock closed at $1.33 per share on November 2, 2009, down $0.12 per share, and fell even more precipitously the next day, closing at $1.13 per share, well below the Class Period high of $3.75 per share reached on June 4, 2009. On December 1, 2009, Hemispherx announced that its NDA had been rejected by the FDA.
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