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Berger & Montague, P.C., and Brower Piven, P.C., Co-Lead Counsel, Announce a Summary Notice of Proposed Settlement, Settlement

^{Published on 2010-11-24 05:05:38 - Market Wire}
 

PHILADELPHIA--([ BUSINESS WIRE ])--Berger & Montague, P.C. and Brower Piven, A Professional Corporation, Co-Lead Counsel for Lead Plaintiff and theClass in the Hemispherx Biopharma, Inc. (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