According to the law firm press release, Vical Incorporated 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 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.