Antigenics Inc. is a biotechnology company working to develop treatments for cancers, infectious diseases and autoimmune disorders.

The purported class action Complaint was filed in the United States District Court for the District of New Mexico against Antigenics and its chief executive officer. The Complaint alleges that certain disclosures by the Company violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 as well as includes purported claims for breach of fiduciary duty. The Company believes that the Complaint is without merit and plans to vigorously defend against the litigation. The Company's policy is to not discuss pending litigation.

On March 14, 2007 the judge ordered the case be dismissed without prejudice noting that the case should be removed from the docket "in light of the fact that [the] Plaintiff had failed to serve the Defendants within 120 days as required by Rule 4(m), and in light of the fact that for a period of more than 90 days Plaintiff had failed to take steps to move the case forward." The Plaintiff filed an opposition brief on March 18, 2007 but has not filed a new Complaint against Antigenics or its individual officers.