Accentia Biopharmaceuticals Inc (OTC: ABPI) And Biovest International Inc (OTC: BVTIQ) Investor Securities Class Action Lawsuit 07/29/2013

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Company Name(s): 
Accentia Biopharmaceuticals
Company Name(s): 
Biovest
Case Name: 
Accentia Biopharmaceuticals Shareholder Class Action Lawsuit 07/29/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
OTC: ABPI
OTC: BVTIQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/26/2013
Class Period Begin: 
07/26/2008
Class Period End: 
08/14/2012
Court of Filing: 
U.S. District Court for the Middle District of Florida
Deadline To File for Lead: 
09/30/2013
Date Settled: 
10/08/2014
Settlement Amount: 
$1,250,000
Deadline to Participate in Settlement: 
02/19/2015
Summary: 

October 27, 2015 - The court ordered the authorization of the distribution of the net settlement fund.

February 3, 2015 - The court approved the settlement, entered an order approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice

October 8, 2014 - The court preliminarily approved the settlement.

September 5, 2014 - Parties filed a stipulation of settlement.

January 21, 2014 - The lead plaintiffs filed an amended complaint.

December 4, 2013 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

October 15, 2013 - Another lead plaintiff motion was filed.

October 4, 2013 - The court denied the lead plaintiff motions.

September 30, 2013 - Lead plaintiff motions were filed.

August 6, 2013 - Another investor filed a complaint.

July 29, 2013 - An investor in shares of Accentia Biopharmaceuticals Inc (OTC: ABPI), filed a lawsuit in the U.S. District Court for the Middle District of Florida against Accentia Biopharmaceuticals Inc and Biovest International Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 26, 2008 through August 14, 2012.

The plaintiff alleges on behalf all persons and entities who purchased common stock of either Accentia Biopharmaceuticals Inc (OTC: ABPI) or Biovest International Inc (OTCMKTS: BVTIQ) from July 26, 2008 through August 14, 2012, that Accentia Biopharmaceuticals Inc and certain of its officers and directors and Biovest International Inc, a majority-owned subsidiary of Accentia Biopharmaceuticals Inc violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that FDA informed Biovest International Inc that the results of a Phase III clinical trial for BiovaxID, a potential vaccine for the treatment of non-Hodgkin's lymphoma, did not support an application for approval of BiovaxID.

The plaintiff claims that despite this information, Defendants made numerous statements in press releases and securities filings that gave the misleading impression that the trial results were statistically significant and that Biovest International Inc was on track to obtain FDA approval.

Accentia Biopharmaceuticals Inc (OTC: ABPI) reported that its Total Revenue rose from $3.96 million for the 12 months period that ended on September 30, 2011 to $4.05 million for the 12 months period that ended on September 30, 2012 and that its Net Loss for those respective time periods declined from $11.55 million to $4.32 million.

Shares of Accentia Biopharmaceuticals Inc (OTC: ABPI) declined from $1.43 per share in October 2010 to as low as $0.006 per share on June 17, 2013.

Biovest International Inc (OTCMKTS: BVTIQ) reported that its Total Revenue increased slightly from $3.88 million for the 12 months period that ended on September 30, 2011 to $3.89 million for the 12 months period that ended on September 30, 2012 and that its Net Loss for those respective timer periods declined from $15.28 million to $11.75 million.

Shares of Biovest International Inc (OTCMKTS: BVTIQ) declined from $1.87 per share in April 2010 to under $0.02 per share in July 2013.

On August 5, 2013, Biovest International Inc (OTCMKTS: ABPI) shares closed at $0.013 per share.