Navigation Links
Robbins Arroyo LLP Announces the Filing of a Securities Fraud Class Action Lawsuit Against Hemispherx Biopharma, Inc.
Date:1/17/2013

SAN DIEGO and PHILADELPHIA, Jan. 17, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that purchasers of Hemispherx Biopharma, Inc. (NYSE: HEB) ("Hemispherx" or the "Company") have filed a complaint in the U.S. District Court for the Eastern District of Pennsylvania. The complaint alleges the Company and certain of its officers and directors violated the Securities Exchange Act of 1934 between March 19, 2012 and December 17, 2012 (the "Class Period").  Hemispherx is a biopharmaceutical company that focuses on the development of new drug therapies to treat viral and immune based chronic disorders.

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

The complaint alleges that the Company issued a series of materially false and misleading statements to investors regarding the safety and efficacy of Ampligen®, a drug intended as a treatment for Chronic Fatigue Syndrome.  Specifically, the complaint alleges that Hemispherx misrepresented and failed to disclose that Ampligen did not meet safety and efficacy requirements because its clinical trials were not properly designed.

Hemispherx submitted a New Drug Application to the U.S. Food and Drug Administration ("FDA") for Ampligen in 2007. In 2009, the FDA found that the Phase III study did not adequately support the approval of Ampligen. 

In a July 11, 2012 press release, Hemispherx announced that rather than conducting a new clinical trial, it reached an agreement with the FDA to submit post-hoc analysis of Ampligen for FDA consideration. However, in a meeting held in June 2012 between Hemispherx and FDA officials concerning Hemispherx's ability to gain approval for Ampligen, the FDA noted that "[i]t would be unusual for this type of data to provide adequate evidence of efficacy."

Upon review of the post-hoc analyses, on December 18, 2012, the FDA released a report citing that the additional information submitted by the Company was insufficient. The report further stated that the Company's studies were "ill-defined and invalid," noting inconsistencies regarding the effectiveness and finding nine potential safety concerns. As a result of this news, Hemispherx shares declined $0.276 per share, or approximately 43%, closing at $.368 per share on December 18, 2012.

If you purchased or otherwise acquired Hemispherx stock during the Class Period and wish to serve as lead plaintiff, you must act no later than February 22, 2013.  To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, inquiry@robbinsarroyo.com, or via the shareholder information form on the firm's website. 

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.  For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/hemispherx-biopharma-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
http://www.robbinsarroyo.com


'/>"/>
SOURCE Robbins Arroyo LLP
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Robbins Umeda LLP Announces the Filing of a Securities Fraud Class Action Lawsuit Against Abiomed, Inc.
2. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
3. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
4. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
5. Misonix Announces New Distribution Agreement For Panama
6. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
7. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
8. Boston Scientific Announces CE Mark and European Launch of Emerge™ PTCA Dilatation Catheter
9. Soligenix Announces Further Progress with ThermoVax™ for Long-Term Vaccine ThermoStability
10. Masimo Announces New Low-Profile Infant and Neonatal Pulse Oximetry Sensors
11. Anthera Announces the Completion of Patient Dosing in Phase 2b PEARL-SC Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... 26, 2016 According to a new ... Market - U.S. Industry Analysis, Size, Share, Growth, Trends, and ... the U.S. was valued at US$ 5.89 Bn in 2014 ... from 2015 to 2023 to reach US$ 7.99 Bn in ... and emerging needle free drug delivery devices and the market ...
(Date:5/25/2016)... -- FDA 510(k) clearance covers Confocal ... urological and surgical applications Mauna Kea ... the multidisciplinary confocal laser endomicroscopy (CLE) platform, today ... with the 12 th 510(k) clearance from ... new FDA clearance covers Confocal Miniprobes indicated for ...
(Date:5/25/2016)... 2016  According to Kalorama Information, the world ... 2015.  Though these are challenging times in the ... success for companies that remain optimistic and seek ... growth prospects medical device companies spend a higher ... (R&D) than do companies in other industries.  Also, ...
Breaking Medicine Technology:
(Date:5/27/2016)... York, NY (PRWEB) , ... May 27, 2016 , ... ... factors of a stroke, which we as a society can control and change. , ... stroke occurs nearly every 40 seconds within the United States. Plus, with an estimated ...
(Date:5/27/2016)... ... 27, 2016 , ... Aimed at nurses and employees in ... courtesy of leaders in the nursing and health care industry. It also provides ... and associations—namely Jones & Bartlett Learning. , Jones & Bartlett Learning is adding ...
(Date:5/26/2016)... ... ... Despite last week’s media reports hinting at a June rate hike after the Federal ... an interest rate increase, according to Rajeev Dhawan of the Economic Forecasting Center at ... Committee (FOMC) dot charts are of interest to the press for their noise potential,” ...
(Date:5/26/2016)... Missouri (PRWEB) , ... May 26, 2016 , ... ... quality and clinical outcomes, hosted members and suppliers for its inaugural Member Conference ... focus on their mission of elevating the operational health of America’s healthcare providers. ...
(Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... The ... Project offering a new model of care for living and healing, celebrated its ... values: Meaningful Life in a Real Home provided by Empowered Staff. , “This is ...
Breaking Medicine News(10 mins):