STEVENSON, Md., Nov. 5, 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 Southern District of California on behalf of purchasers of Vical Incorporated ("Vical" or the "Company") (Nasdaq:VICL) securities during the period between February 8, 2012 and August 12, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Vical Incorporated securities purchased on or after February 8, 2012, and held through the revelation of negative information on August 12, 2013, as described below, at no cost to you, 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 December 31, 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 the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants making materially false and misleading statements during the Class Period concerning the efficacy of Allovectin, the Company's strongest candidate for approval by the U.S. Food and Drug Administration, and its likelihood of success in the Phase 3 trial. According to the complaint, following the Company's August 12, 2013 disclosure that Allovectin failed to demonstrate effectiveness in the Phase 3 trial and that the Company was terminating the Allovectin program, the value of Vical 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.