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If you purchased the common stock of HGSI during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (email@example.com), (800) 404-7770, (860) 537-5537 or visit the Scott+Scott HGSI Pharmaceutical website for more information: www.scott-scott.com/cases/hgs.html. There is no cost or fee to you.
The complaint filed in the action alleges that, during the Class Period, HGSI issued false and misleading statements concerning Benlysta(R), the Company'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 the Company.
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 of the drug, causing HGSI's common stock price to decline precipitously. Meanwhile, the complaint alleges, during the Class Period, HGSI sold to investors more than 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
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