Stock Update (NYSE MKT:HEB): Hemispherx BioPharma, Inc’s Judgment Unanimously Affirmed Against Cato Capital
Hemispherx BioPharma, Inc (NYSEMKT:HEB) announced that on Friday the Third Circuit Court of Appeals upheld the Company’s successful defense of a case brought by Cato Capital, one of its former investment banks, thus affirming the trial court judgment Hemispherx obtained in September 2014, when the Company fully prevailed in a federal lawsuit brought against the Company following trial. The appellate panel affirmed the United States District Court for the District of Delaware, which had dismissed all claims against Hemispherx and subsequently ordered Cato to pay Hemispherx attorney’s fees and costs in the amount of $770,852.76.
The Company’s President, Thomas K. Equels, stated: “We are gratified that the distinguished panel vindicated our interpretation of the contract. Our lead counsel, James J. Black, III did an outstanding job interpreting this Delaware law based agreement, and properly navigating this dispute through the courts. Now, in furtherance of our corporate policy to seek redress against plaintiffs who bring meritless claims against the Company, we will pursue Cato Capital to the fullest extent of the law to collect on the award of attorney’s fees and costs.” (Original Source)
Shares of Hemispherx Biopharma opened today at $0.17 and are currently trading down at $0.168. HEB has a 1-year high of $0.40 and a 1-year low of $0.14. The stock’s 50-day moving average is $0.19 and its 200-day moving average is $0.22.
Hemispherx Biopharma Inc is a specialty pharmaceutical company. It is engaged in the clinical development of new drug therapies based on natural immune system enhancing technologies for the treatment of viral and immune based chronic disorders.