Case Page

 

Case Status:    DISMISSED    
On or around 02/01/2016 (Other)

Filing Date: October 30, 2013

According to the law firm press release, Vical is a biopharmaceutical company that researches and develops products based on patented DNA delivery technologies for the prevention and treatment of serious and life-threatening illnesses, including cancer. All of Vical’s potential products are in the research and development stage, and no revenues have yet been generated from the sale of any products. Vical’s strongest candidate to receive approval by the U.S. Food and Drug Administration for eventual sale and marketing to consumers was Allovectin-7®, an immunotherapy vaccine that targets cancer.

The complaint alleges that during the Class Period, Defendants violated the federal securities laws by repeatedly touting the importance and potential success of Allovectin-7® through press releases, U.S. Securities and Exchange Commission filings, investor/analyst conference calls, and other publicly available documents. Due to Defendants’ dissemination of materially false and misleading statements, the investing public was led to believe that Allovectin-7® would receive approval from the FDA after the completion of the vaccine’s Phase 3 clinical trial. Defendants continued to mislead investors about Vical’s current and future business and financial condition even after they became aware of Allovectin-7®’s disappointing results. As a result of Defendants’ false and misleading statements, Vical stock traded at artificially inflated prices throughout the Class Period.

On February 26, 2014, the Court issued an Order consolidating related cases, appointing lead plaintiff, and approving lead counsel. Lead Plaintiff filed a consolidated complaint on April 3. The complaint was amended and filed on May 12.

On March 9, 2015, the Court issued an Order granting the Defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs did not file an amended complaint, thus judgment in favor of Defendants was entered on April 28 and this case was closed.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: VICL
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: S.D. California
DOCKET #: 13-CV-02628
JUDGE: Hon. Dana M. Sabraw
DATE FILED: 10/30/2013
CLASS PERIOD START: 02/08/2012
CLASS PERIOD END: 08/12/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 13-CV-02628
JUDGE: Hon. Dana M. Sabraw
DATE FILED: 05/12/2014
CLASS PERIOD START: 08/03/2011
CLASS PERIOD END: 08/12/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
No Document Title Filing Date
No Document Title Filing Date