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Case Status:    SETTLED
On or around 06/30/2016 (Date of order of distribution of settlement)

Filing Date: December 21, 2012

According to the law firm press release, 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® (“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.”

As a result of this disclosure, Hemispherx shares declined $0.276 per share or nearly 43%, to close at $0.368 per share on December 18, 2012.

On March 13, 2013, the Court appointed Lead Plaintiffs in this action and also Lead Counsel. Lead Plaintiffs filed their Consolidated Amended Complaint on May 20.

On January 23, 2014, the defendants’ motion to dismiss was DENIED.

On February 25, 2015, the Parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on April 8. On July 22, the Court granted final approval of the Settlement and dismissed this case. Also on July 22, the Court approved Attorneys' Fees and Expenses.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: HEB
Company Market: New York SE
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: E.D. Pennsylvania
DOCKET #: 12-CV-07152
JUDGE: Hon. William H. Yohn, Jr.
DATE FILED: 12/21/2012
CLASS PERIOD START: 03/19/2012
CLASS PERIOD END: 12/17/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Trujillo, Rodriguez & Richards, LLC(Philadelphia)
    1717 Arch Street, Suite 3838, Trujillo, Rodriguez & Richards, LLC(Philadelphia), PA 19103
    215.731.9004 215.731.9004 ·
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 12-CV-07152
JUDGE: Hon. William H. Yohn, Jr.
DATE FILED: 05/20/2013
CLASS PERIOD START: 03/14/2012
CLASS PERIOD END: 12/20/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Trujillo, Rodriguez & Richards, LLC(Philadelphia)
    1717 Arch Street, Suite 3838, Trujillo, Rodriguez & Richards, LLC(Philadelphia), PA 19103
    215.731.9004 215.731.9004 ·
No Document Title Filing Date