STEVENSON, MD -- (Marketwire) -- 02/03/12 -- The law firm of Brower Piven, A Professional Corporation, has filed a class action suit in the United States District Court for the District of Maryland on behalf of all investors who purchased or otherwise acquired GenVec, Inc. (NASDAQ: GNVC) common stock between March 12, 2009 and March 30, 2010, inclusive ("Class Period"). The lawsuit has been filed against GenVec and certain of its officers for violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
No class has yet been certified in the above action. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The lead plaintiff will direct the litigation and participate in important decisions in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the company during the Class Period. If you are a GenVec shareholder and you wish to serve as lead plaintiff, you must seek such appointment no later than 60 days from today. You are not required to have sold your shares to seek damages or to serve as a lead plaintiff.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Charles Piven of Brower Piven at 410/415-6616 or by email at firstname.lastname@example.org.
GenVec is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses its proprietary adenovector technology to develop TNFerade for the treatment of certain cancers and vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. The complaint alleges that throughout the Class Period, GenVec and its most senior officers continuously touted the clinical success of TNFerade, and that it was the company's lead product candidate with strategic commercial value. However, the complaint alleges, investors began to learn on March 29, 2010 that those statements were knowingly false and misleading when GenVec announced that it was discontinuing its Phase III clinical trial of TNFerade in patients with locally advanced pancreatic cancer. On this news, the Company's stock price declined $20.10 per share -- from $28.10 per share on March 29, 2010 to close at $8.00 per share on March 30, 2010 -- a decline of more than 71.5% on unusually high volume.
Plaintiff seeks to recover damages on behalf of investors who purchased or otherwise acquired GenVec common stock between March 12, 2009 and March 30, 2010, inclusive (the "Class"). The plaintiff is represented by Brower Piven whose attorneys have combined experience litigating securities and class action cases of over 60 years. The Brower Piven website (www.browerpiven.com) has more information about the firm.