NEW YORK, Dec. 24, 2012 LawFuel.com – Class Action News — Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Hemispherx Biopharma, Inc. (“Hemispherx” or the “Company”) (NYSE:HEB) and certain of its officers. The class action filed in United States District Court, Eastern District of Pennsylvania, and docketed under 2:12-cv-07152-WY on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Hemispherx between March 19, 2012 and December 17, 2012, both dates inclusive (the “Class Period”). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Hemispherx securities during the Class Period, you have until February 19, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Hemispherx is a biopharmaceutical company that focuses on the development of nucleic acids to enhance the natural anti-viral defense systems of the human body. The Company’s lead product, Ampligen® (“Ampligen”), is undergoing clinical trials for the treatment of Myalgic Encephalomylitis/Chronic Fatigue Syndrome.
The Complaint alleges that throughout the Class Period, the Company made a host of materially false and misleading statements regarding the safety and efficacy of Ampligen, and touted purportedly positive results from Ampligen’s clinical trials. As a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
On December 18, 2012, the FDA published an FDA staff report concerning Ampligen’s safety and efficacy. Specifically, the report concluded 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.”
As a result of this disclosure, Hemispherx shares declined $0.276 per share or nearly 43%, to close at $0.368 per share on December 18, 2012.
As a result of Company’s wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Class members have suffered significant damages.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.