According to the lawsuit that has been filed against GenVec and certain of its officers for violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 was on behalf of all investors who purchased or otherwise acquired GenVec, Inc. (NASDAQ: GNVC) common stock between March 12, 2009 and March 30, 2010, inclusive ("Class Period").
GenVec is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses its proprietary adenovector technology to develop TNFerade for the treatment of certain cancers and vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. The complaint alleges that throughout the Class Period, GenVec and its most senior officers continuously touted the clinical success of TNFerade, and that it was the company's lead product candidate with strategic commercial value.
However, the complaint alleges, investors began to learn on March 29, 2010 that those statements were knowingly false and misleading when GenVec announced that it was discontinuing its Phase III clinical trial of TNFerade in patients with locally advanced pancreatic cancer. On this news, the Company's stock price declined $20.10 per share -- from $28.10 per share on March 29, 2010 to close at $8.00 per share on March 30, 2010 -- a decline of more than 71.5% on unusually high volume.
On April 26, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel.
On July 6, 2012, the Plaintiffs filed their amended complaint.
In a Memorandum Opinion dated September 20, 2013, the Court granted the Defendants' motion to dismiss.