NEW YORK, Dec. 28, 2012 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of investors who acquired Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company") (NYSE:HEB) securities between March 19, 2012 and December 17, 2012, inclusive (the "Class Period"), alleging violations of the Securities Act of 1934 against the Company, certain of its officers and directors (the "Complaint").
The Complaint asserts violations of the federal securities laws against Hemispherx and its officers and directors for issuing false and misleading information about its lead drug candidate Ampligen. Specifically, that Hemispherx misstated the safety and efficacy of Ampligen, and touted purportedly positive results from Ampligen's clinical trials.
On December 18, 2012, the FDA published a staff report concluding that the Company's studies were "ill-defined and invalid" with signals of efficacy that were inconsistent between clinical trials, and based on the limited quality of the data, "it is difficult to draw conclusions regarding potential safety signals," but the "review identified nine potential safety concerns associated with Ampligen." The Complaint alleges that as a result of this adverse information, Hemispherx stock price dropped and investors have been damaged.
If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at email@example.com.
While Gainey & McKenna did not file the Complaint in this matter, the firm, with offices in New York and New Jersey, regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.
CONTACT: Gainey & McKenna (212) 983-1300Source: Gainey & McKenna