The Rosen Law Firm Announces Investigation of Securities Fraud Claims Against iBio, Inc. – IBIO
October 23 2014 - 5:21PM
Business Wire
The Rosen Law Firm, P.A. announces that it is investigating
potential securities fraud claims against iBio, Inc. (NYSE:
IBIO).
On October 9, 2014, the Washington Post reported that the
manufacturer of the experimental Ebola drug ZMapp was seeking
additional production capacity from Caliber Biotherapeutics
(“Caliber”). On October 16, 2014, iBio issued a press release
titled “iBio Responds to Inquiries About its Role in Emergency
Response to Ebola Virus Disease Outbreak”, which (among other
things) “confirmed [] the applicability of its issued U.S. iBio
Launch platform patents and related proprietary technology to
further development and production of antibodies that target the
Ebola virus” and that it had been working with Caliber. iBio
further “offered to assist the U.S. government by making its
proprietary technology available [to] address the current Ebola
virus outbreak”.
On October 17, 2014, it was announced that U.S. officials had
asked the A&M Lab and two others to submit plans to produce the
experimental Ebola drug ZMapp. Also on October 17, an iBio
spokesperson was quoted as saying that any lab that wants to make
ZMapp vaccine using plant-based technology would have to license it
from iBio.
On October 20 and 23, 2014, reports were published online
revealing that (a) iBio’s relationship with Caliber had nothing to
do with an Ebola drug, (b) rival Icon Genetics AG had created a
method to produce ZMapp using plant-based technology and need not
license technology from iBio, and (c) the head of the A&M Lab
had stated that any plant-based ZMapp manufacturing method would
have to be identical to what the maker of the drug had already
vetted in animals, ruling out different methods like iBio's.
On these adverse disclosures, iBio’s stock fell from $3.21 to
$1.59, damaging investors.
As result of these adverse disclosures the Rosen Law Firm is
preparing a securities class action on behalf of iBio shareholders.
If you purchased iBio securities after October 10, 2014, please
visit the website at http://www.rosenlegal.com/cases-409.html. You
may also contact Phillip Kim, Esq., or Jonathan Horne, Esq.,
toll-free, at 866-767-3653; or by email at pkim@rosenlegal.com or
jhorne@rosenlegal.com, for information on the class action.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
The Rosen Law Firm, P.A.Laurence M. Rosen, Esq.Phillip Kim,
Esq.Jonathan Horne, Esq.275 Madison Avenue 34th FloorNew York, New
York 10016Tel: 212-686-1060Toll Free: 1-866-767-3653Fax:
212-202-3827lrosen@rosenlegal.compkim@rosenlegal.comjhorne@rosenlegal.comwww.rosenlegal.com
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