CONTACTStaffCAREER OPPORTUNITIESADVERTISE WITH USPRIVACY POLICYPRIVACY PREFERENCESTERMS OF USELEGAL NOTICE
© 2024 Pride Publishing Inc.
All Rights reserved
All Rights reserved
By continuing to use our site, you agree to our Private Policy and Terms of Use.
Law firm Milberg Weiss filed a multimillion-dollar securities fraud class-action lawsuit Monday against biotech firm VaxGen, the maker of the AIDSVAX HIV vaccine, claiming that the company allowed insiders to sell stock before announcing disappointing clinical trial results of the vaccine. The suit was filed in the U.S. district court for the Northern District of California on behalf of investors who purchased VaxGen stock between August 6, 2002, and February 26, 2003. The lawsuit claims the company cheated thousands of small investors by allowing favored investors to sell company stock before the company released information that showed the vaccine reduced overall new HIV infections by only 3.8%. Specifically, the lawsuit alleges that VaxGen officers knew the vaccine would not be effective and that they allowed institutional stock sales prior to the announcement. Following the release of the clinical trial data, VaxGen stock fell from $23.25 per share to just $3 per share. VaxGen officials call the lawsuit "without merit." "VaxGen has complied with all securities laws and, if need be, will defend itself vigorously," said a company spokesperson.
Want more breaking equality news & trending entertainment stories?
Check out our NEW 24/7 streaming service: the Advocate Channel!
Download the Advocate Channel App for your mobile phone and your favorite streaming device!
From our Sponsors
Most Popular
Meet all 37 of the queer women in this season's WNBA
April 17 2024 11:24 AM
Here are the 15 gayest travel destinations in the world: report
March 26 2024 9:23 AM
21+ steamy photos of Scotland’s finest gay men in Elska Glasgow
February 01 2024 10:07 PM
More Than 50 of Our Favorite LGBTQ+ Moms
May 12 2024 11:44 AM
Conjoined twins Lori Schappell and trans man George Schappell dead at 62
April 27 2024 6:13 PM
Latest Stories
Elon Musk’s comments about his trans daughter prove why she doesn’t speak to him
July 23 2024 9:16 AM
Nancy Pelosi endorses Kamala Harris for president
July 22 2024 4:07 PM
Charli XCX declares Kamala Harris IS brat & our next President's campaign agrees
July 22 2024 3:08 PM
Pete Buttigieg roasts JD Vance and his gay tech bro billionaire
July 22 2024 1:42 PM
The AIDs pandemic can be ended by 2030, but governments must act: report
July 22 2024 1:01 PM
Conservatives' first attack on Kamala Harris: Pronouns and accessibility?
July 22 2024 12:45 PM
Advancing equality during Disability Pride Month
July 22 2024 11:30 AM