Vical Incorporated

Attention Vical Incorporated Investors: Vical Misled Investors According to a Newly Filed Class Action

Robbins Arroyo LLP announces that an investor of Vical Incorporated (NASDAQ: VICL) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of California.  The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 between February, 8, 2012 and August 12, 2013 (the “Class Period”).  Vical engages in the research and development of biopharmaceutical products for the prevention and treatment of serious or life-threatening diseases.  Vical’s lead drug candidate, Allovectin, is a Phase 3 clinical trial product to treat metastatic melanoma.

Vical Accused of Misleading Investors Regarding Its Ability to Obtain FDA Approval for Allovectin

Shares of Vical fell $2.05, or 57%, to close at $1.53 on August 12, 2013, after the company announced that the top-line results from the company’s Phase 3 trial of Allovectin failed to demonstrate a significant improvement over chemotherapy.

According to the complaint, the company made false and misleading statements and/or failed to disclose material adverse facts about the company’s business prospects and financial condition. Specifically, the complaint alleges that, throughout the Class Period, Vical misled investors about the efficacy of Allovectin and the likelihood of its success in the Phase 3 trial. Further, the complaint alleges that the company deliberately delayed the announcement of the results of the Allovectin trial to avoid revealing the truth to the market.

Vical Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo

If you invested in Vical and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.

 

Shareholder Information

Items marked with an asterisk (*) are required information.

First Name * Last Name *
Address City State/Province *
ZIP/Postal Code Country/Region Phone *
E-mail * Confirm: E-mail *

Shares Purchased:
Number of Shares: Buy Date : Price Per Share:
example: 125 example: MM/DD/YYYY example: 30.00
transaction:
transaction:
transaction:
transaction:
transaction:
If you have additional transactions or comments, please input the information below:

Shares Sold:
Number of Shares: Buy Date : Price Per Share:
example: 125 example: MM/DD/YYYY example: 30.00
transaction:
transaction:
transaction:
transaction:
transaction:
If you have additional transactions or comments, please input the information below:

Please Note: Neither the submission to nor the receipt of information by Robbins Arroyo LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

* I have read the disclaimer information

    Send This Post

    Tags: