Case Number: No. 09-5262
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $3.6 million
Court: United States District Court, Eastern District of Pennsylvania
Berger Montague served as co-lead counsel and obtained a $3.6 million settlement in this securities class action arising from the collapse of Hemispherx stock after it was revealed in December 2009 that the U.S. Food and Drug Administration had rejected Ampligen despite repeated assurances by the company that approval was right around the corner. The FDA said that two primary clinical studies that Hemispherx submitted with its application did not provide credible evidence that the drug helped treat chronic fatigue syndrome. Hemispherx’s stock dropped 40 percent the next day, the second major fall for the stock in the span of a month. The case was litigated in the United States District Court for the Eastern District of Pennsylvania.
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About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.