Hemispherx (HEB) Shares Tumble Amid Class Action Lawsuit by Shareholders

November 11, 2009 11:40 AM EST

Shares of the volatile Hemispherx BioPharma (AMEX: HEB) are selling-off today as, last night, Dyer & Berens announced that it has filed a class action lawsuit on Hemispherx related to violations of the federal Securities Exchange Act of 1934. The stock most recently traded at $1.09, down 9.2% from yesterday's closing price.

Specifically, the suit, filed with a District Court in Eastern Pennsylvania, is on behalf of all purchasers of Hemispherx's securities between February 18, 2009 and October 30, 2009.

Notably, the stock has already been traded 2.15 million times, which compares to its average daily volume of about 3.3 million shares. Shares of Hemispherx fell more than 2% yesterday.

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