SOURCE: Brower Piven, A Professional Corporation

December 11, 2009 16:09 ET

Brower Piven Announces the Filing of a Class Action Lawsuit Against Hemispherx Biopharma, Inc. Expanding the Class Period to Include February 18, 2009 Through December 1, 2009, and Encourages Investors Who Have Losses in Excess of $100,000 to Inquire About the Lead Plaintiff Position Before the January 11, 2010 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - December 11, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of the securities of Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company") (AMEX: HEB) during the period between February 18, 2009 and December 1, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 11, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the FDA had requested several reports from the Company before a New Drug Application for Ampligen could even be considered, thus delaying the possible approval of Ampligen by several months at a minimum. According to the complaint, on November 2, 2009, after the Company belatedly disclosed this information, the value of Hemispherx's stock declined significantly.

If you have suffered a net loss for all transactions in Hemispherx Biopharma, Inc. securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact