Vical Incorporated Investor Lawsuit alleges Misleading Statements

A lawsuit was filed on behalf of investors in Vical Incorporated shares over alleged securities laws violations. Deadline: December 31, 2013. NASDAQ-VICL investors should contact the Shareholders Foundation.
 
Dec. 3, 2013 - PRLog -- An investor, who purchased shares of Vical Incorporated , filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Vical Incorporated in connection with certain allegedly false and misleading statements made between February 8, 2012 and August 12, 2013 over its immunotherapy vaccine Allovectin-7.

If you purchased a significant amount of shares of Vical Incorporated  between February 8, 2012 and August 12, 2013, and / or if you purchased any NASDAQ-VICL prior to between February 2012 and currently hold any of those shares, you have certain options and there are short and strict deadlines running. Deadline: December 31, 2013. NASDAQ-VICL investors 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 persons or entities who purchased or otherwise acquired Vical Incorporated  between February 8, 2012 and August 12, 2013, that Vical Incorporated and certain of its officers and directors violated 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.

More specifically, the plaintiff alleges that the defendants violated the federal securities laws by repeatedly touting the importance and potential success of Allovectin-7® through press releases, U.S. Securities and Exchange Commission filings, investor/analyst conference calls, and other publicly available documents.

The plaintiff claims that due to Defendants’ dissemination of allegedly materially false and misleading statements, the investing public was led to believe that Allovectin-7 would receive approval from the FDA after the completion of the vaccine’s Phase 3 clinical trial, that defendants continued to allegedly mislead investors about Vical’s current and future business and financial condition even after they became aware of Allovectin-7’s disappointing results, and that as a result of Defendants’ statements, Vical Incorporated   stock traded at artificially inflated prices between February 8, 2012 and August 12, 2013.

Vical Incorporated reported that its annual Total Revenue declined from $30.02 million in 2011 to $17.52 million in 2012 and that its respective Net Loss increased from $7.28 million to $22.90 million.

Shares of Vical Incorporated  traded during 2011 as high as $5.20 and during 2012 as high as $4.43 per share.

On Aug. 12, 2013, Vical Incorporated announced results from a Phase 3 trial of Allovectin in patients with metastatic melanoma.

Vical Incorporated said that the trial failed to demonstrate a statistically significant improvement vs. first-line chemotherapy for either the primary endpoint of objective response rate at 24 weeks or more after randomization or the secondary endpoint of overall survival.

The president and Chief Executive Officer of Vical Incorporated said that based on this outcome, Vical Incorporated is terminating the Allovectin® program.

Shares of Vical Incorporated dropped from $3.58 per share on Friday, August 9, 2013, to $1.40 on Monday, August 12, 2013.

Those who purchased shares of Vical Incorporated have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554

Contact
Shareholders Foundation, Inc.
***@shareholdersfoundation.com
+1-(858)-779-1554
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Tags:Vical Incorporated, Vical, Nasdaq:VICL, Class Action, Lawsuit
Industry:Business, Financial
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