Brower Piven, A Professional Corporation announces that a class action
lawsuit has been commenced in the United States District Court for the
Southern District of California on behalf of purchasers of Vical
Incorporated (“Vical” or the “Company”) (NasdaqGS: VICL) securities
during the period between February 8, 2012 and August 12, 2013,
inclusive (the “Class Period”).
If you have suffered a net loss from investment in Vical Incorporated
securities purchased on or after February 8, 2012, and held through the
revelation of negative information on August 12, 2013, as described
below, at no cost to you, you may obtain additional information about
this lawsuit and your ability to become a lead plaintiff by contacting
Brower Piven at www.browerpiven.com,
by email at hoffman@browerpiven.com,
by calling 410/415-6616, or at Brower Piven, A Professional Corporation,
1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and class action
cases of over 60 years.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen by
the lead plaintiff. If you wish to choose counsel to represent you and
the Class, you must apply to be appointed lead plaintiff no later than
December 31, 2013 and be selected by the Court. The lead plaintiff will
direct the litigation and participate in important decisions including
whether to accept a settlement and how much of a settlement to accept
for the Class in the action. The lead plaintiff will be selected from
among applicants claiming the largest loss from investment in the
Company during the Class Period.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants making materially false
and misleading statements during the Class Period concerning the
efficacy of Allovectin, the Company’s strongest candidate for approval
by the U.S. Food and Drug Administration, and its likelihood of success
in the Phase 3 trial. According to the complaint, following the
Company’s August 12, 2013 disclosure that Allovectin failed to
demonstrate effectiveness in the Phase 3 trial and that the Company was
terminating the Allovectin program, the value of Vical shares declined
significantly.
If you choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other counsel of
your choice. You need take no action at this time to be a member of the
class.
Copyright Business Wire 2013