SOURCE: Berger & Montague, P.C.; Brower Piven, P.C.

November 29, 2010 08:00 ET

Berger & Montague, P.C., and Brower Piven, P.C., Co-Lead Counsel, Announce a Summary Notice of Proposed Settlement, Settlement Fairness Hearing, and Motion for Award of Attorneys' Fees and Reimbursement of Litigation Expenses

PHILADELPHIA, PA--(Marketwire - November 29, 2010) - Berger & Montague, P.C. and Brower
Piven, A Professional Corporation, Co-Lead Counsel for Lead Plaintiff and the
Class in the Hemispherx Biopharma, Inc. (NYSE Amex: HEB) securities class-action
suit, announced the following:

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA

IN RE HEMISPHERX: BIOPHARMA, INC.: CIVIL ACTION NO. 09-CV-5262-PSD

SUMMARY NOTICE OF PROPOSED SETTLEMENT, SETTLEMENT FAIRNESS
HEARING, AND MOTION FOR AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF
LITIGATION EXPENSES

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE
COMMON STOCK OF HEMISPHERX BIOPHARMA, INC. ("HEMISPHERX") FROM FEBRUARY 18,
2009 THROUGH AND INCLUDING DECEMBER 1, 2009 (THE "CLASS PERIOD").

PLEASE READ THIS NOTICE CAREFULLY

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED IN THIS NOTICE, YOUR
RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT AND YOU MAY BE ENTITLED TO
RECEIVE PAYMENTS PURSUANT TO A PROPOSED SETTLEMENT

Pursuant to Rule 23 of the Federal Rules of Civil Procedure and by Order of
the United States District Court for the Eastern District of Pennsylvania
dated October 20, 2010, a hearing will be held on January 20, 2011 at 10:00a.m.
in Courtroom GB, United States Courthouse, 601 Market Street,
Philadelphia, PA 19106, to determine (1) whether the proposed Settlement (the
"Settlement") of the above-captioned action ("Action") for $3,600,000 should
be approved by the Court as fair, reasonable, and adequate; (2) whether the
motion of Co-Lead Counsel for an award of attorneys' fees and reimbursement of expenses
should be approved; and (3) whether the Action should be
dismissed with prejudice.

If you have not yet received in the mail the long-form version of the Notice
of Pendency of Class Action and Proposed Settlement, Settlement Fairness
Hearing, and Motion for Award of Attorneys' Fees and Reimbursement of
Litigation Expenses (the "Notice") and Proof of Claim and Release Form
("Proof of Claim Form"), you may obtain copies of these documents by
contacting: In re Hemispherx Biopharma, Inc. Litigation, c/o Heffler, Radetich &
Saitta, LLP, P.O. Box 58578, Philadelphia, PA 19102-8578. A Copies of the Notice
and Proof of Claim Form may also be downloaded from the Claims
Administrator's website. If you are a Class Member, in order to be eligible
to share in the distribution of the Net Settlement Fund, you must submit a
Proof of Claim Form no later than February 19, 2011, establishing that you
are entitled to recovery.

If you have not obtained a copy of the Notice, you are urged to do so. If the proposed
Settlement is approved, you will be bound by the order and Final
Judgment whether or not you submit a Proof of Claim Form.

If you desire to be excluded from the Class, you must submit a request for exclusion by
December 29, 2010, in the manner and form explained in the
Notice. All Class Members who do not request exclusion from the Class will
be bound by any judgment entered in the Action, including without limitation, the Order of
Final Judgment and Dismissal with Prejudice, whether or not you timely submit a Proof of
Claim Form.

Any objection to the proposed Settlement, Plan of Allocation, or application
for attorneys' fees and reimbursement of litigation expenses must be filed
with the Court and delivered to counsel for the parties not later than
January 6, 2011 in the manner and form set forth in the Notice.

Inquiries, other than requests for the Notice and Proof of Claim Form, may be
made to Co-Lead Counsel:

BERGER & MONTAGUE, P.C. Attn: Sherrie R. Savett 1622 Locust Street
Philadelphia, PA 19103, or BROWER PIVEN, A Professional Corporation, ATTN:
David A.P. Brower, 488 Madison Ave., Eighth Floor New York, NY 10022

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

By Order of The United States District Court for the Eastern District of
Pennsylvania

Contact Information

  • CONTACT:
    Edward Sincavage
    Heffler, Radetich & Saitta LLP
    +1-215-665-8870