SHAREHOLDER ALERT: Pomerantz Law Firm has filed a Class Action Against
Accentia Biopharmaceuticals, Inc. and Certain Officers and Biovest
International, Inc. - ABPI and BVTI
NEW YORK, Aug. 6, 2013
NEW YORK, Aug. 6, 2013 /PRNewswire/ --Pomerantz Grossman Hufford Dahlstrom &
Gross LLP has filed a class action lawsuit against Accentia
Biopharmaceuticals, Inc. ("Accentia" or the "Company") (Pink Sheets: ABPI)
and certain of its officers and Biovest International, Inc. ("Biovest")
(OTCQB: BVTI), a majority-owned subsidiary of Accentia. The class action,
filed in United States District Court, Middle District of Florida, and
docketed under 13-CV-2033-T24-AEP, is on behalf of a class consisting of all
persons or entities who purchased or otherwise acquired securities of Accentia
between July 26, 2008 and August 14, 2012 both dates inclusive (the "Class
Period"). This class action seeks to recover damages against the Company and
certain of its officers and directors as a result of alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Accentia or Biovest securities during
the Class Period, you have until September 30, 2013 to ask the Court to
appoint you as Lead Plaintiff for the class. A copy of the Complaint can be
obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S.
Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include their
mailing address, telephone number, and number of shares purchased.
Accentia acquired an 81% interest in Biovest in June 2003. As of September 30,
2012, Accentia owned approximately 59% of Biovest's outstanding common stock.
The BiovaxID vaccine being developed by Biovest is and has been the most
important part of Accentia's business and financial prospects. Biovest and
Accentia have common management. Biovest is a biotechnology company in the
business of developing therapeutic cancer vaccines. Biovest conducted two
Phase II clinical trials, and one Phase III clinical trial of BiovaxlD, which
was completed in 2008.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business
and operations. Specifically, Defendants made false and/or misleading
statements concerning, and/or failed to disclose, among other things: that
the FDA informed Biovest that the results of a Phase III clinical trial for
BiovaxID, a potential vaccine for the treatment of non-Hodgkin's lymphoma, did
not support an application for approval of BiovaxID. Despite this information,
Defendants made numerous statements in press releases and securities filings
that gave the misleading impression that the trial results were statistically
significant and that Biovest was on track to obtain FDA approval.
On August 14, 2012, Biovest issued a press release announcing what it
described as a "formal clinical guidance meeting with the U.S. FDA," and
disclosed that the FDA required that Biovest conduct a second Phase 3 clinical
trial of BiovaxlD. The August 14, 2012 press release identified Biovest as a
majority-owned subsidiary of Accentia with Accentia's trading symbol. Also on
August 14, 2012, Biovest filed its Form 10-Q with the SEC for the quarter
ended June 30, 2012, in which Biovest disclosed that it had met with the FDA
and that the FDA had recommended a second Phase 3 clinical trial.
On this news, Accentia's shares declined $0.05 cents or 23% percent to close
at $0.17 on August 14, 2012 and again on August 15, 2012 shares fell $0.06
cents or 35% to close at $0.11 cents on August 15, 2012.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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