A lawsuit was filed on behalf of investors in Ibio Inc (NYSEMKT:IBIO) shares over alleged securities laws violations. Deadline: December 23, 2014. NYSEMKT:IBIO investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/29/2014 -- An investor, who purchased shares of Ibio Inc (NYSEMKT:IBIO), filed a lawsuit in the U.S. District Court for the District of Delaware over alleged violations of Federal Securities Laws by Ibio Inc in connection with certain allegedly false and misleading statements made between October 13, 2014 and October 23, 2014.
Investors who purchased shares of Ibio Inc (NYSEMKT:IBIO) have certain options and for certain investors are short and strict deadlines running. Deadline: December 23, 2014. NYSEMKT:IBIO investors should contact the Shareholders Foundation, Inc. at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Ibio Inc (NYSEMKT:IBIO) common shares between October 13, 2014 and October 23, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Ibio Inc issued allegedly materially false and misleading statements to investors by wrongfully suggesting that iBio's Launch platform patents and related proprietary technology would be licensed by the makers of the experimental Ebola drug, ZMapp, and that when the true facts were revealed, the price of iBio Inc's stock dropped.
Ibio Inc reported that its Total Revenue declined from $1.28 million for the 12 months period that ended on June 30, 2012 to $0.30 million for the 12 months period that ended on June 30, 2014 and that its respective Net Loss declined from $5.68 million to $3.67 million.
Shares of Ibio Inc (NYSEMKT:IBIO) declined from $5.50 per share in early 2011 to as low as low as 0.355 per share.
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 Inc announced that “iBio Responds to Inquiries About its Role in Emergency Response to Ebola Virus Disease Outbreak”.
Among other things, Ibio Inc siad “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 Biotherapeutics. Ibio Inc siad also said that it“offered to assist the U.S. government by making its proprietary technology available [to] address the current Ebola virus outbreak”.
The plaintiff alleges that on October 17, 2014, Ibio Inc an Ibio spokesperson reportedly said that any lab that wants to make ZMapp vaccine using plant-based technology would have to license it from Ibio and that Caliber Biotherapeutics reportedly had the license from Ibio Inc.
Then on October 20 and 23, 2014, reports were published that among other things, alleged that Ibio Inc’s relationship with Caliber Biotherapeutics had nothing to do with the production of ZMapp pr combating the Ebola virus, that Ibio Inc doesn not own the licsense of using plant-based technology to make ZMapp, that Ibio Inc’s recently filed prospectus and registration statement with the SEC make no mentiuon that the company was planning to ho into the market of manufacturing drugs to combat the Ebola virus, and that a plant-based durg to fight Ebola is not be a substitute for the already tested ZMapp because extensive safety testing would be required since the compound must be identical to the tested ZMapp in order to be given to patients.
Shares of Ibio Inc declined from as high as $3.48 per share on October 17, 2014, to as low as $1.29 per share on October 23, 2014.
On October 27, 2014, NYSEMKT IBIO shares closed at $1.44 per share.
Those who purchased shares of Ibio Inc (NYSEMKT:IBIO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego