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Human Genome Sciences, Inc HGSI Securities Stock Fraud


Company: Human Genome Sciences, Inc
Ticker Symbol: HGSI
Class Period: Jul-20-09 to Nov-11-10
Date Filed: Nov-14-11
Lead Plaintiff Deadline: Jan-13-12
Court: District of Maryland
Allegations:
West Hartford, CT: A securities lawsuit seeking class action status has been filed in the United States District Court for the District of Maryland on behalf of purchasers of the common stock of Human Genome Sciences, Inc. ("HGSI" or the "Company") between July 20, 2009 and November 11, 2010, inclusive (the "Class Period"). Also included are those who acquired shares in the July 28, 2009 public offering at $14 per share and in the December 2, 2009 public offering at $26.75.

The lawsuit charges that HGSI and certain of its officers and directors violated federal securities laws by issuing false and misleading statements concerning Benlysta(R) (belimumab) ("Benlysta"), HGSI's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. Specifically, the lawsuit alleges that defendants failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by HGSI.

The lawsuit alleges that when the U.S. Food and Drug Administration posted its analysis of Benlysta on the Internet on November 12, 2010, investors learned for the first time of the association between Benlysta and suicide in clinical trials, causing HGSI's common stock price to fall. Meanwhile, the lawsuit alleges, during the Class Period, HGSI sold over 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $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 Help

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Published on Nov-15-11


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