If you purchased or otherwise acquired Hemispherx Biopharma, Inc. (“Hemispherx”) common stock from February 18, 2009 through and including December 1, 2009, then you could receive a payment from the proposed Settlement of a securities class action lawsuit.
A class action settlement has been reached in a securities fraud class action lawsuit against Hemispherx Biopharma, Inc. (“Hemispherx Biopharma”), William A. Carter, M.D., and David R. Strayer, M.D. (collectively, the “Defendants”) pending in the United States District Court for the Eastern District of Pennsylvania (styled In re Hemispherx Biopharma, Inc. Litigation, Civil Action Case No. 09-CV-05262-PSD) alleging, among other things, that Defendants misled investors by issuing press releases and other statements that contained false and misleading information about the timing and status of FDA approval of Hemispherx’s drug Ampligen, according to the Hemispherx Biopharma Ampligen securities fraud class action lawsuit settlement notice.
The Hemispherx Biopharma Ampligen securities fraud class action lawsuit settlement reportedly provides that Defendants have agreed to pay or cause to be paid $3,600,000 in cash in settlement to be distributed to members of the Hemispherx Biopharma Ampligen Settlement Class who timely (postmarked on or before February 19, 2011) send in Proof of Claim Forms deemed valid by the Claims Administrator (“Authorized Claimants”), after payment of Court-approved legal fees and expenses and the costs of claims administration, including the costs of printing and mailing Notice and the cost of publishing newspaper notices.
The Court is scheduled to hold a settlement Fairness Hearing at 10:00 a.m. on January 20, 2011, at the United States District Court for the Eastern District of Pennsylvania, 601 Market Street, Courtroom 6B, Philadelphia, PA 19106 to consider whether the Hemispherx Biopharma Ampligen class action settlement is fair, reasonable, and adequate.
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