CASES
Human Genome Sciences, Inc.
Class Period: Jul 20, 2009 to Nov 11, 2010
Summary of Case:
Human Genome Sciences, Inc.: Scott+Scott LLP Announces Update for Class Action Suit Against Human Genome Sciences Inc. - HGSI
SAN DIEGO, March 22, 2012 (GLOBE NEWSWIRE) - On March 22, 2012, Scott+Scott LLP was appointed as Lead Counsel on behalf of all purchasers of the common stock of Human Genome Sciences Inc. (NASDAQ:HGSI) between July 20, 2009 and November 11, 2010, inclusive (the "Class Period"). The lawsuit is pending in the U.S. District Court for the District of Maryland and alleges that Human Genome Sciences Inc. ("HGSI" or the "Company") and certain of its officers and directors made false or misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Scott+Scott LLP is investigating claims that the Company and certain of its officers and directors also violated the Securities Act of 1933 in connection with registered public stock offerings that were conducted on July 28, 2009 at $14 per share and on December 2, 2009 at $15.50 per share, through underwriters Citi, Goldman Sachs & Co., J.P.Morgan, Morgan Stanley, UBS Investment Bank and Credit Suisse.. Purchasers of HGSI stock in connection with the Company's registered public stock offerings or former employees with information concerning those offerings are encouraged to contact the firm.
HGSI designs and markets biopharmaceutical products. The complaint alleges that during the Class Period, defendants made materially false and misleading statements concerning a potential new drug, Benlysta, also called belimumab, for the treatment of Systemic Lupus Erythematosus, which is a chronic, life-threatening autoimmune disease. Specifically, the complaint alleges that defendants failed to disclose that in clinical drug trials they conducted, Benlysta was associated with suicide, and that when this was first disclosed by the U.S. Food and Drug Administration on November 12, 2010, the price of HGSI's common stock dropped precipitously, causing investor losses. The complaint also alleges that meanwhile, HGSI had sold 44.5 million shares of its common stock to the public, receiving approximately $850 million in net proceeds.
If you purchased HGSI common stock during the Class Period, including in the Company's registered stock offerings on July 28, 2009 at $14 per share and/or on December 2, 2009 at $15.50 per share, and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Scott+Scott LLP at (800) 404-7770 or 860/537-5537, or email scottlaw@scott-scott.com.
Scott+Scott LLP has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
Contact:
Scott+Scott LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com
Source: Scott+Scott LLP
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.