Immune Response hit by class-action lawsuit
A securities class-action lawsuit has been filed against ImmuneResponse Corp in a US District Court in California regarding its recently-dropped investigational HIV therapy Remune (HIV-1 immunogen; Marketletter July 16). Also named as a defendant is Pfizer subsidiary Agouron Pharmaceuticals, which was Immune Response's partner for the drug.
The complaint alleges that during the period from May 17 to July 6, the defendants issued to the investing public "false and misleading statements and press releases concerning the company's financial condition and prospects." It is claimed that the results of Remune's major clinical trial were withheld, even though the defendants knew that the drug had no effect upon people with HIV and AIDS.
It is further alleged that the defendants' misrepresentations "operated to artificially inflate the price of Immune Response stock," to $19.75 per share on March 6 last year, which enabled the firm to complete a public offering of over 2.7 million shares, raising nearly $16.6 million.
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