NEW YORK, Nov. 27, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Vical Incorporated ("Vical" or the "Company") (NASDAQ: VICL) and certain of its officers. The class action, filed in United States District Court, Southern District of California, and docketed under 13-cv-02653, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Vical between February 8, 2012 and August 12, 2013 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 Vical securities during the Class Period, you have until December 31, 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 rswilloughby@pomlaw.com 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.
Vical is a biopharmaceutical company that researches and develops products based on patented DNA delivery technologies for the prevention and treatment of serious and life-threatening illnesses, including cancer.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: Defendants repeatedly touted the importance and potential success of Allovectin, an immunotherapy vaccine that targets cancer. Investors were led to believe that Allovectin would receive approval from the FDA through Defendants' dissemination of materially false and misleading statements regarding the Phase 3 trial design and results. Defendants made materially false and misleading statements concerning Allovectin's efficacy and likelihood of success in the Phase 3 trial and the overall current and future business prospects for Allovectin and the Company. As a result of Defendants' misleading statements, Vical's stock traded at artificially inflated prices during the Class Period.
On August 12, 2013, Vical announced the results of the Phase 3 Allovectin trial, which showed that the vaccine failed to demonstrate an improvement over chemotherapy. The company further announced that since "Allovectin simply did not provide the expected benefits," the program would be terminated. On this news, Vical shares fell $2.05 per share or more than 57%, to close at $1.53 on August 12, 2013.
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.
CONTACT:
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP