|[January 16, 2013]
Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Hemispherx Biopharma, Inc.
WASHINGTON --(Business Wire)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether Hemispherx Biopharma, Inc. ("Hemispherx" or the
"Company") and certain of its officers and directors made false and
misleading statements and/or omissions in violation of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court Eastern
District of Pennsylvania by another law firm on behalf of purchasers of
the common stock of Hemispherx Biopharma, Inc. (NYSE: HEB) between March
19, 2012 and December 17, 2012, inclusive (the "Class Period").
Hemispherx is a pharmaceutical company engaged in the clinical
development and manufacture of new drug therapies, including Ampligen,
an experimental drug to be used in the treatment of viral and
immune-based chronic disorders such as Chronic Fatigue Syndrome ("CFS").
The complaint alleges that Hemispherx and certain of its officers and
directors ("Defendants") made false and misleading statements regarding
the safety and efficacy of Ampligen, and also misrepresented and/or
failed to disclose that Hemispherx could not demonstrate the requisite
safety and efficacy of Ampligen because its clinical trials were not
The Company submitted a New Drug Application ("NDA") to the U.S. Food
and Drug Administration ("FDA") for Ampligen in 2007. In 2009, the FDA
rejected the application, stating that the clinical studies for the drug
"did not provide credible evidence of efficacy of Ampligen" in patients
with CFS and recommending that the Company conduct additional studies of
On October 22, 2012, the Company announced that the FDA had scheduled a
meeting with an advisory committee to review the Ampligen NDA for the
treatment of CFS. On December 18, 2012, the FDA posted on its website
briefing documents for the December 20 advisory committee meeting that
were described as "sharply critical" of the Company and Ampligen. In
addition to citing "multiple cocerns" with the efficacy and safety of
Ampligen, the briefing documents criticized Hemispherx for submitting
post-hoc analyses from a deficient Phase III study of Ampligen rather
than starting a new one as requested. The briefing documents also
revealed the FDA had warned Hemispherx in a meeting on June 8, 2012
that, "[i]t would be unusual for this type of data to provide adequate
evidence of efficacy."
TheStreet.com reported on this apparent discrepancy between the FDA's
comment and the Company's repeated representations that the FDA had
"agreed to accept" the post-hoc data analyses proposed by the Company in
lieu of an additional clinical trial, asserting that: "Hemispherx
Biopharma (HEB) lied to investors and to the Securities and Exchange
Commission by failing to disclose serious concerns raised by the U.S.
Food and Drug Administration about its chronic fatigue syndrome drug
Ampligen." The price of Hemispherx shares fell from $0.64 to $0.37 on
Cohen Milstein encourages all investors who purchased Hemispherx common
stock between March 19, 2012 and December 17, 2012 or former employees
with information concerning this matter to contact the firm.
If you are a Hemispherx shareholder and would like to discuss your right
to recover for your economic loss, you may, without any cost or
obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at
(888) 240-0775 or (202) 408-4600, or email him at email@example.com.
If you wish to serve as lead plaintiff, you must move the Court no later
than February 22, 2013 to request that the Court appoint you as lead
plaintiff. A lead plaintiff is a representative party acting on behalf
of other class members in directing the litigation. To be appointed lead
plaintiff, the Court must decide that your claim is typical of the
claims of other class members, and that you will adequately represent
the class. Your share in any recovery will not be enhanced or diminished
by the decision whether or not to serve as a lead plaintiff. Any member
of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or
other attorneys to serve as your counsel in this action, or you may do
nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in
prosecuting investor class actions and actions involving securities
fraud. The firm has offices in Washington, D.C., New York, Chicago,
Philadelphia and Palm Beach Gardens, and is active in major litigation
pending in federal and state courts throughout the nation.
The firm's reputation for excellence has repeatedly been recognized by
courts which have appointed the firm to lead positions in complex
multi-district or consolidated litigation. Cohen Milstein Sellers & Toll
PLLC has taken a lead role in numerous important cases on behalf of
defrauded investors, and has been responsible for a number of
outstanding recoveries which, in the aggregate, total over a billion
dollars. Prior results do not guarantee a similar outcome. For more
information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers &
1100 New York Avenue, N.W.
West Tower, Suite 500
Telephone: (888) 240-0775 or (202) 408-4600
[ Back To Technology News's Homepage ]