Investigation of Human Genome Sciences, Inc. (HGSI)

Posted on February 4, 2012. Filed under: Uncategorized |

Zeldes & Haeggquist, LLP has commenced an investigation into Human Genome Sciences, Inc. (NASDAQ: HGSI) to determine whether it has violated securities laws by issuing false and misleading statements to its shareholders between July 20, 2009 and November 11, 2010.

We are investigating whether Human Genome issued false and misleading statements during the Class Period concerning Benlysta®, the Company’s potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease.  Specifically, we are investigating whether the Company’s senior officers and directors and GlaxoSmith Kline failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by the Company.

When the U.S. Food and Drug Administration posted its analysis of Benlysta on the Internet on November 12, 2010, shareholders learned for the first time of the association between Benlysta and suicide in clinical trials of the drug, causing HGSI’s common stock price to decline precipitously.  Meanwhile, during the Class Period, Human Genome sold over 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.

In response to the foregoing news, HGSI’s shares fell more than 10%, to close at $23.60 per share on November 12, 2010, on very heavy trading volume.

What You Can Do

If you purchased shares of HGSI between July 20, 2009 and November 11, 2010, you may have legal claims under the securities laws.  If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Amber L. Eck at (619) 342-8000 or by email at ambere@zhlaw.com.  There is no cost or fee to you.

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