WAYNE, Pa., Dec. 28, 2012 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/heb) announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company") (NYSE MKT: HEB) common stock during the period between March 19, 2012 and December 17, 2012, inclusive (the "Class Period").
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For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/heb.
Hemispherx is a biopharmaceutical company that focuses on the development of nucleic acids to enhance the natural anti-viral defense systems of the human body. The Company's lead product, Ampligen(R) ("Ampligen"), is undergoing clinical trials for the treatment of Myalgic Encephalomylitis/Chronic Fatigue Syndrome.
The Complaint alleges that throughout the Class Period, the Company made a host of materially false and misleading statements regarding the safety and efficacy of Ampligen, and touted purportedly positive results from Ampligen's clinical trials. As a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On December 18, 2012, the FDA published an FDA staff report concerning Ampligen's safety and efficacy. Specifically, the report concluded that the Company's studies were "ill-defined and invalid" with signals of efficacy that were inconsistent between clinical trials, and based on the limited quality of the data, "it is difficult to draw conclusions regarding potential safety signals," but the "review identified nine potential safety concerns associated with Ampligen."
On this news, Hemispherx shares declined $0.276 per share or nearly 43%, to close at $0.368 per share on December 18, 2012.
If you are a member of the class, you may, no later than February 22, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/heb or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [email protected] For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
SOURCE Ryan & Maniskas, LLP