STEVENSON, Md., July 31, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of purchasers of Accentia Biopharmaceuticals, Inc. ("Accentia" or the "Company") (Pink Sheets:ABPI) common stock and purchasers of Biovest International, Inc. ("Biovest") common stock during the period between July 26, 2008 and August 14, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in Accentia Biopharmaceuticals, Inc. and/or Biovest International, Inc. common stock purchased on or after July 26, 2008, and held through the revelation of negative information on August 14, 2012, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 30, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period(s) the repeated advice of the FDA that the results of BV301 (the Phase III clinical trial) did not support an application for approval of BiovaxID contrary to repeated statements during the Class Period(s) by defendants touting the success of the Phase III clinical trial and representing that Biovest was on the path to FDA approval of the BiovaxID vaccine. According to the complaint, after a press release revealed that the FDA was requiring a second Phase III clinical trial for BiovaxID, the value of Biovest shares and Accentia's shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.