Hemispherx Biopharma, Inc.
Class Period: Feb 18, 2009 to Oct 30, 2009
Lead Plaintiff Deadline: Jan 11, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Hemispherx Biopharma, Inc. (HEB) ("Hemispherx" or the "Company") on behalf of all securities purchasers from February 18, 2009 through October 30, 2009, inclusive ("Class Period"), in the United States District Court for the Eastern District of Pennsylvania.
The complaint alleges that during the Class Period, defendants misled investors regarding the status of Hemispherx's New Drug Application ("NDA") for Ampligen with the U.S. Food and Drug Administration ("FDA"). Specifically, defendants failed to disclose and misrepresented the fact that the FDA had requested several reports from the Company before the NDA could even be considered, thus delaying the possible approval of Ampligen by several months at a minimum. On November 2, 2009, when the Company belatedly disclosed this information, the per share price of Hemispherx's common stock dropped from $1.45 on the previous day to $1.13, a drop of more than 20%. The next day, one commenter characterized the November 2nd Company "update" as essentially an admission "that its prior public statements were false and misleading."
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.