Date: November 12, 2009
URL: http://finance.yahoo.com/news/INVESTOR-ALERT-Former-iw-3847944880.ht=
ml
Investor Alert: Former Attorney General of Louisiana Charles C. Foti,
Jr. and KSF notify Hemispherx Biopharma, Inc. investors of Lead
Plaintiff Application Deadline in Securities Class Action Lawsuit
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Press Release Kahn Swick & Foti, LLC
NEW ORLEANS, LA--(Marketwire - 11/12/09) - Kahn Swick & Foti, LLC
("KSF") announces that investors have only until January 11, 2010 to
apply for lead plaintiff in a securities class action lawsuit filed
in the United States District Court for the Eastern District of
Pennsylvania, on behalf of all purchasers of the securities of
Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company") (AMEX:HEB
- News) between February 18, 2009 and October 30, 2009 (the "Class
Period"). No class has yet been certified in this action.
If you would like to discuss your legal rights, along with the lead
plaintiff position and its related responsibilities including
overseeing lead counsel with a goal of obtaining a fair settlement,
you may e-mail or call KSF Managing Partner Lewis Kahn, without
obligation or cost to you, toll free 1-866-467-1400, ext. 100, via
cell phone after hours at 504-301-7900, or by email at
lewis.kahn@ksfcounsel.com.
Hemispherx and certain of its executive officers are charged with
making a series of materially false and misleading statements
related to the Company's business and operations in violation of
the Securities Exchange Act of 1934. Specifically, 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").
Including, that 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 following day, reporters on TheStreet.com stated
that:
Hemispherx Biopharma issued an "update" to the regulatory status
of its chronic fatigue syndrome drug Ampligen in which the
company essentially admits that its prior public statements were
false and misleading.
[The Company's CEO] made these statements both before and
immediately after the FDA approval decision date for Ampligen on
May 25, which came and went without any word from the agency. We
now know that Carter's statements were demonstrably false. The FDA
application for Ampligen was not complete because several items
were outstanding, the company now states. These included FDA
requests for data on Ampligen's safety both in humans and animals.
The FDA also required additional information about Ampligen's
manufacturing.
Carter's public statements helped boost Hemispherx's stock price
during the spring and early summer months and benefited the
company when it went to raise money from investors.
If you wish to serve as lead plaintiff in this class action lawsuit,
you must move the Court no later than January 11, 2010. Any member
of the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. If you would like to discuss your
legal rights, you may e-mail or call KSF Managing Partner Lewis
Kahn, without obligation or cost to you, toll free 1-866-467-1400,
ext. 100, after hours via cell phone 504-301-7900, or by email at
lewis.kahn@ksfcounsel.com. To learn more about KSF, you may
visit http://www.ksfcounsel.com. KSF is a law firm focused on
securities class action litigation with offices in New Orleans and
New York City.
KSF's lawyers have significant experience litigating complex
securities class actions. Among other cases, KSF has been
appointed Lead or Co-Lead Counsel in the following securities
cases: In re: U.S. Auto Parts Networks, Inc. Securities Litigation,
C.D. Cal.; In re Xethanol Corporation Securities Litigation,
S.D.N.Y.; In re Superior Offshore International, Inc. Securities
Litigation, S.D. Tex.; Terayon Comm. Systems Inc., N.D. Cal.; and
In re BigBand Networks, Inc. Securities Litigation, N.D. Cal.
SPECIAL NOTICE: KSF encourages you to carefully evaluate any firm
you may consider to represent your interests in the Hemispherx
class action. The Private Securities Litigation Reform Act
("PSLRA") permits Company shareholders to choose counsel of their
choice to prosecute this action. Critical components of a law
firm's ability to successfully prosecute this action and obtain a
strong recovery for you include the resources it will dedicate to
prosecution of the case, including the number of lawyers the firm
has available for the Hemispherx action in particular, AND
especially the quality of the firm's work. While KSF has not filed
suit yet, the firm is currently conducting its own investigation
of Hemispherx and interested shareholders are encouraged to call
for consultation.
Contact
Lewis Kahn
Kahn Swick & Foti, LLC
650 Poydras St., Suite 2150
New Orleans, LA 70130
1-866-467-1400, ext. 100
Lewis.kahn@ksfcounsel.com
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(c) 2009 Market Wire
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