Accentia Biopharmaceuticals Inc (ABPI) & Biovest International Inc (BVTIQ) Investor Lawsuit

SAN DIEGO - Sept. 16, 2013 - PRLog -- An investor who purchased shares of Accentia Biopharmaceuticals Inc , filed a lawsuit in the U.S. District Court for the Middle District of Florida over alleged violations of Federal Securities Laws by Accentia Biopharmaceuticals Inc and Biovest International, Inc. in connection certain allegedly false and misleading statements that were made between July 26, 2008 through August 14, 2012.

If you purchased shares of Accentia Biopharmaceuticals Inc  and / or Biovest International Inc  between July 26, 2008 through August 14, 2012, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges on behalf of on behalf of all persons and entities who purchased common stock of either Accentia Biopharmaceuticals Inc  or Biovest from July 26, 2008 through August 14, 2012, that Accentia Biopharmaceuticals Inc  and certain of its officers and directors and Biovest International Inc , a majority-owned subsidiary of Accentia Biopharmaceuticals Inc violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that FDA informed Biovest International Inc 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.

The plaintiff claims that 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 International Inc was on track to obtain FDA approval.

Accentia Biopharmaceuticals Inc  reported that its Total Revenue rose from $3.96 million for the 12 months period that ended on Sept. 30, 2011 to $4.05 million for the 12 months period that ended on Sept. 30, 2012 and that its Net Loss for those respective time periods declined from $11.55 million to $4.32 million.

Shares of Accentia Biopharmaceuticals Inc  declined from $1.43 per share in October 2010 to as low as $0.006 per share on June 17, 2013.

Biovest International Inc reported that its Total Revenue increased slightly from $3.88 million for the 12 months period that ended on Sept. 30, 2011 to $3.89 million for the 12 months period that ended on Sept. 30, 2012 and that its Net Loss for those respective timer periods declined from $15.28 million to $11.75 million.

Shares of Biovest International Inc  declined from $1.87 per share in April 2010 to under $0.02 per share in July 2013.

On August 5, 2013, OTCMKTS-ABPI shares closed at $0.013 per share.

Those who purchased shares of Accentia Biopharmaceuticals Inc  and / or Biovest International Inc , have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.