NEW YORK--(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 firstname.lastname@example.org or email@example.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.