|By PR Newswire||
|January 17, 2013 07:29 PM EST||
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.
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, [email protected], 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.
SOURCE Robbins Arroyo LLP
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and...
Oct. 30, 2014 08:00 AM EDT Reads: 1,461
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public clou...
Oct. 30, 2014 07:45 AM EDT Reads: 1,248
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. ...
Oct. 30, 2014 07:30 AM EDT Reads: 2,122
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at Internet of @ThingsExpo, Jesse Shiah, CEO / ...
Oct. 29, 2014 11:00 PM EDT Reads: 1,368
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validati...
Oct. 29, 2014 06:00 PM EDT Reads: 1,583
SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (...
Oct. 29, 2014 05:00 PM EDT Reads: 1,539
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a pr...
Oct. 29, 2014 02:15 PM EDT Reads: 2,004
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutio...
Oct. 29, 2014 01:35 PM EDT Reads: 1,133
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and ca...
Oct. 29, 2014 01:00 PM EDT Reads: 1,481
SYS-CON Events announced today that Stratogent will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Stratogent is a custom managed services organization based in San Mateo, California. We design, implement, and support mission critical infrastructure 24x7 on premises, in datacenters and in t...
Oct. 29, 2014 12:00 PM EDT Reads: 1,999