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Izard Nobel LLP Announces Class Action Lawsuit
Class Action |
2011/11/15 08:57
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a 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. between July 20, 2009 and November 11, 2010, inclusive. 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 Complaint charges that HGSI and certain of its officers and directors violated federal securities laws by issuing false and misleading statements concerning Benlysta®, HGSI's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. Specifically, the Complaint alleges that defendants failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by HGSI.
The Complaint 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 Complaint 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 are a member of the class, you may, no later than January 10, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/humangenomesciences/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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