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If you purchased shares of Hemispherx BioPharma Inc (AMEX: HEB), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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February 14, 2011 – The court approved the settlement and dismissed the action with prejudice.
January 20, 2011 - The court preliminarily approved the settlement.
September 24, 2010 - Parties filed a stipulation of settlement.
April 20, 2010 - The court denied defendants' motion to dismiss.
March 12, 2010 - Defendants filed a motion to dismiss.
March 1, 2010 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Hemispherx BioPharma Inc (AMEX: HEB) common shares between February 18, 2009 and December 1, 2009. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 18, 2009 and December 1, 2009.
February 12, 2010 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
January 11, 2010 - Lead plaintiff motions were filed.
November 10, 2009 - An investor in shares of Hemispherx BioPharma Inc (AMEX: HEB) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who purchased the securities of Hemispherx BioPharma Inc (AMEX: HEB) between February 18, 2009 and October 30, 2009, over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that the defendants violated the federal securities laws by misleading investors regarding the status of Hemispherx BioPharma Inc's New Drug Application ( NDA ) for its drug Ampligen with the U.S. Food and Drug Administration ( FDA ). Specifically, so the lawsuit, defendants failed to disclose that the FDA had requested several reports from Hemispherx BioPharma Inc before the NDA could even be considered, thus delaying the possible approval of Ampligen by several months at a minimum. Then, on November 2, 2009, when Hemispherx BioPharma Inc disclosed this information, the price of Hemispherx BioPharma Inc securities ((AMEX: HEB) ) fell 20% to close at $1.13 on the next trading day, November 3, 2009.
Hemispherx BioPharma Inc said in a press release that it believes that the lawsuit is without merit and the fraud claim is irrefutably false.
Hemispherx BioPharma Inc, located in Philadelphia, PA, 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. Hemispherx BioPharma Inc’s products include Ampligen and Alferon N and Injection. Hemispherx BioPharma Inc reported in 2007 Total Revenue of $1.06 million and in 2008 Total Revenue of $0.27 million. Shares of Hemispherx BioPharma Inc (AMEX: HEB) traded recently at $1.08 per share.