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Human Genome Sciences Inc HGSI Securities Stock Fraud
The lawsuit alleges that the defendants made false or misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Claims that the Company and certain of its officers and directors also violated the Securities Act of 1933 in connection with registered public stock offerings that were conducted on July 28, 2009 at $14 per share and on December 2, 2009 at $15.50 per share, through underwriters Citi, Goldman Sachs & Co., J.P.Morgan, Morgan Stanley, UBS Investment Bank and Credit Suisse are also being investigated.
HGSI designs and markets biopharmaceutical products. The complaint alleges that during the Class Period, defendants made materially false and misleading statements concerning a potential new drug, Benlysta, also called belimumab, for the treatment of Systemic Lupus Erythematosus, which is a chronic, life-threatening autoimmune disease.
Specifically, the complaint alleges that defendants failed to disclose that in clinical drug trials they conducted, Benlysta was associated with suicide, and that when this was first disclosed by the U.S. Food and Drug Administration on November 12, 2010, the price of HGSI's common stock dropped precipitously, causing investor losses. The complaint also alleges that meanwhile, HGSI had sold 44.5 million shares of its common stock to the public, receiving approximately $850 million in net proceeds.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Human Genome Sciences Inc HGSI Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Human Genome Sciences Inc securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Mar-23-12
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