SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

November 10, 2009 17:50 ET

Dyer & Berens LLP Files Class Action Lawsuit Against Hemispherx Biopharma, Inc. -- HEB

DENVER, CO--(Marketwire - November 10, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania, Civil Action No. 09-cv-5262, on behalf of all purchasers of the securities of Hemispherx Biopharma, Inc. ("Hemispherx" or the "Company") (AMEX: HEB) between February 18, 2009 and October 30, 2009 (the "Class Period"), for violations of the federal Securities Exchange Act of 1934.

If you wish to serve as a lead plaintiff, you must move the court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

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 and misrepresented the fact 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. On November 2, 2009, when the Company belatedly disclosed this information, the per share price of Hemispherx's common stock dropped from $1.45 on the previous day to $1.13, a drop of more than 20%. The next day, one commenter characterized the November 2nd Company "update" as essentially an admission "that its prior public statements were false and misleading."

Plaintiff seeks to recover damages on behalf of Hemispherx investors. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    682 Grant Street
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact