WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that a class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities who purchased or otherwise acquired the stock of Human Genome Sciences, Inc. (aHGSa or the aCompanya) (Nasdaq: [ HGSI ]) between July 20, 2009 and November 11, 2010, inclusive (the aClass Perioda), including those persons who purchased their shares pursuant and/or traceable to the Companyas July 28, 2009 and December 2, 2009 public offerings, and alleging violations of the Securities Exchange Act of 1934 (the aComplainta).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact [ Timothy J. MacFall, Esquire ] or [ Noah R. Wortman, Case Development Director ] of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to [ info@rigrodskylong.com ], or at: [ http://investigations.rigrodskylong.com/human-genome-sciences-inc-hgsi/ ].
HGS operates as a biopharmaceutical company. Its principal products in development include BENLYSTA for systemic lupus erythematosus and raxibacumab for inhalation anthrax.
The Complaint names HGS, certain of the Companyas directors and officers, and GlaxoSmithKline plc as defendants. The Complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding BENLYSTA. Specifically, defendants failed to disclose and/or misrepresented that there was an association of suicide with patients in the BENLYSTA clinical trials.
In anticipation of a November 16, 2010 U.S. Food and Drug Administration (aFDAa) Advisory Committee Meeting regarding BENLYSTA, on November 12, 2010, the FDA posted its briefing documents and analysis for that meeting on the internet. Now for the first time, the public was made aware of the association of BENLYSTA and suicide in its clinical trials.
Moreover, during the Class Period, defendants sold more than 44.5 million shares of its common stock to the public in its July 28, 2009 and December 2, 2009 public offerings at artificially inflated prices. These offerings garnered approximately $850 million in net proceeds for the Company.
In response to the foregoing news, HGSa shares reacted by falling more than 10%, to close at $23.60 per share on November 12, 2010, on very heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 10, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class memberas claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While [ Rigrodsky & Long, P.A. ] did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, [ regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation ], including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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