Case Page

 

Case Status:    DISMISSED    
On or around 03/26/2013 (Court's order of dismissal)

Filing Date: November 10, 2011

According to a press release dated November 10, 2011, the complaint charges the Company and certain of its officers and directors with violations of the federal securities laws.

Specifically, the plaintiffs charge that the Company issued false and misleading statements concerning the Company's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. The Complaint alleges that defendants failed to disclose that the new drug was associated with suicide in clinical drug trials conducted by the Company.

The Complaint alleges that when the U.S. Food and Drug Administration posted its analysis of the new drug on the Internet on November 12, 2010, investors learned for the first time of the association between the new drug and suicide in clinical trials, causing the Company’s common stock price to fall. Meanwhile, the Complaint alleges, during the Class Period, the company sold over 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.

On March 22, 2012, the Court issued an Order consolidating cases 11-cv-3231 as the lead case and 11-cv-3353 as the member case; and appointing lead plaintiff and lead counsel.

On April 27, 2012, plaintiff filed an Amended Consolidated Complaint.

On March 26, 2013, the Court issued an Order granting the Defendants' motions to dismiss. The Clerk was directed to close this case.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HGSI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Maryland
DOCKET #: 11-CV-03231
JUDGE: Hon.Roger W Titus
DATE FILED: 11/10/2011
CLASS PERIOD START: 07/20/2009
CLASS PERIOD END: 11/11/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brown, Goldstein & Levy LLP
    120 E. Baltimore Street , Suite 1700, Brown, Goldstein & Levy LLP, MA 21202
    410.962.1030 410.962.1030 · info@browngold.com
  2. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  3. Scott & Scott LLP (San Diego)
    600 B Street, Suite 1500, Scott & Scott LLP (San Diego), CA 92101
    619.233.4565 619.233.4565 · scottlaw@scott-scott.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #: 11-CV-03231
JUDGE: Hon.Roger W Titus
DATE FILED: 04/27/2012
CLASS PERIOD START: 07/20/2009
CLASS PERIOD END: 11/11/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brown, Goldstein & Levy LLP
    120 E. Baltimore Street , Suite 1700, Brown, Goldstein & Levy LLP, MA 21202
    410.962.1030 410.962.1030 · info@browngold.com
  2. Scott & Scott LLP (New York-Current)
    500 Fifth Avenue, 40th Floor, Scott & Scott LLP (New York-Current), NY 10110
    212.223.6444 212.223.6334 ·
No Document Title Filing Date