Stockholders v Hemispherx Biopharma, Inc.
Hemispherx Biopharma, Inc.
According to a press release dated Novemer 10, 2009, Hemispherx is a biopharmaceutical company engaged in the clinical development, manufacture, marketing and distribution of new drug therapies based on natural immune system enhancing technologies for the treatment of viral and immune-based chronic disorders. The Company's products include Ampligen, an experimental drug undergoing clinical development for the treatment of chronic fatigue syndrome.
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 bought Hemispherx Biopharma, Inc. securities and would like to obtain information about the Hemispherx Biopharma, Inc. lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com
