GenVec, Inc. Investor files Lawsuit over alleged false and misleading Statements

Feb. 8, 2012 - PRLog -- The Shareholders Foundation announces that an investor in NASDAQ-GNVC shares filed a lawsuit in the U.S. District Court for the District of Maryland against GenVec, Inc over alleged Violations of Federal Securities Laws in connection with certain statements.

Investors who purchased shares of GenVec, Inc. , including but not limited to those who purchased NASDAQ-GNVC stocks between March 12, 2009 and March 30, 2010, have certain options and there are strict deadlines running. Deadline: April 3, 2012. NASDAQ- GNVC stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all investors who purchased or otherwise acquired GenVec, Inc.  common stock between March 12, 2009 and March 30, 2010, that GenVec, Inc. and certain of its officers violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that between March 12, 2009 and March 30, 2010, GenVec and its most senior officers continuously touted the clinical success of TNFerade, and that it was the company's lead product candidate with strategic commercial value.

On March 12, 2009, GenVec, Inc.  announced its financial results for the fourth quarter and year ended December 31, 2008. Among other things, GenVec, Inc said that it “announced encouraging top-line results of an interim analysis from our Phase III Pancreatic Cancer Clinical Trial (PACT). An independent Data Safety Monitoring Board reviewed the interim analysis data and recommended the trial continue as planned.”

Then on March 29, 2010, GenVec, Inc.  announced that it is discontinuing its Phase 3 clinical trial of TNFerade(TM) in patients with locally advanced pancreatic cancer based on results of an interim analysis.

GenVec, Inc said that this interim analysis of overall survival, conducted after the 184th death (two-thirds of total expected events), was designed to determine whether the study should continue.
GenVec said that it has determined, after conferring with its independent Data Safety Monitoring Board, that the PACT trial would not meet the goal of demonstrating persuasive evidence of clinical effectiveness that could form the basis for regulatory approval in the population chosen for study.
GenVec, Inc. reported that its annual Revenue rose from $13.86million in 09 to $16.47million in 2010 and its Net Loss decreased from $18.36million in 2009 to $12.27million in 2010. Despite a slight decrease in its third quarter Revenue from $5.16million for 2010 to $4.33million for 2011 GenVec, Inc. reported that it was able to decrease its third quarter Net Loss from $2.38million in 2010 to $1.48million in 2011.

Shares of GenVec, Inc. increased after its 1:20 split on April 19, 2011 to $5.00 per share on May 2, 2011, but fell on August 10, 2010 to as low as $2.10 per share.

Those who purchased shares of GenVec, Inc.  have certain options and should contact the Shareholders Foundation.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.