PHILADELPHIA, Nov. 11, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Eastern District of Pennsylvania, 09cv5262, on behalf of purchasers of the securities of Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company")(AMEX:HEB) between February 18, 2009 and October 30, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Paul Diamond. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from November 10, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. A copy of the complaint is available from the Court or can be viewed on the Law Offices Bernard M. Gross, P.C. website at www.bernardmgross.com.
Hemispherx is a biopharmaceutical company engaged in the clinical development, manufacture, marketing and distribution of new drug therapies based on natural immune system enhancing technologies for the treatment of viral and immune-based chronic disorders. The Company's products include Ampligen, an experimental drug undergoing clinical development for the treatment of chronic fatigue syndrome.
The Complaint alleges that during the Class Period, defendants misled investors regarding the status of Hemispherx's New Drug Application ("NDA") for Ampligen with the U.S. Food and Drug Administration ("FDA"). Specifically, defendants failed to disclose that the FDA had requested several reports from the Company before the NDA could even be considered, thus delaying the possible approval of Ampligen by several months at a minimum. Then, on November 2, 2009, when the Company belatedly disclosed this information, the price of Hemispherx's securities dropped from $1.45 on the previous trading day to close at $1.13 on November 3, 2009, a drop of more than 20%.
Plaintiff seeks to recover damages on behalf of all persons who purchased the securities of Hemispherx Biopharma, Inc. between February 18, 2009 and October 30, 2009, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com