you have to love a company like heb, 2 releases at 2:45 am, kinda like a left right combo for asenio to enjoy with his morning coffee
Hemispherx Biopharma: Asensio Allegedly Violated Amex And SEC Trading Regulations
PR Newswire - October 05, 1998 02:45
NEW YORK, Oct. 5 /PRNewswire/ -- Hemispherx Biopharma (Amex: HEB) today disclosed in response to investor inquiries that the law suit that the company filed against Asensio & Company and other defendants last week alleged that the defendants engaged in the following illegal trading activities: "Defendants' illegal short selling included, but was not limited to, selling on the 'down tick' in violation of AMEX Rule 7 and SEC Rule 10a-1, and selling 'naked' at a time when the defendant short sellers neither owned, nor had reason to believe they could borrow, sufficient shares to make delivery on their short sales in violation of applicable industry rules and regulations."
Previously, Hemispherx said that it believes the unnamed John Does cited in the lawsuit that the company filed against Asensio & Company, Inc. may eventually include U.S. and Canadian trading firms such as Fort Hill Partners, Mesirow Financial Services, Inc., Flagship Securities, Inc., FSC Securities Corp., and Sharpe Capital, Inc., as well as other individuals which the complaint alleges negligently, recklessly, or intentionally engaged in unlawful short selling.
The RICO (Racketeering Influenced Corrupt Organization) allegations against Asensio & Company and its alleged co-conspirators include that the group undertook a purposeful effort to defraud investors by the illegal interplay of stock market manipulation (including illegal short sales) against a backdrop of creating falsified information, which Asensio & Company thereafter characterized as a "research report," and thereafter widely disseminated through the U.S. mails and various media. The suit alleges that this reckless and misinformed report was highly damaging to the value of Hemispherx stock.
Hemispherx, headquartered in Philadelphia, PA, is a biopharmaceutical company with more than 300 issued patents. The Company is engaged in the manufacture and global clinical development of new drug entities in the nucleic acid (NA) class for chronic viral diseases and disorders of the immune system including CFS (Chronic Fatigue Syndrome).
Information contained in this news release other than historical information should be considered forward-looking and is subject to various risk factors and uncertainties. For instance, the strategies and operations of Hemispherx involved risks of competition, changing market conditions, changes in laws and regulations affecting these industries and numerous other factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those in any forward looking statements.
SOURCE Hemispherx Biopharma, Inc.
/CONTACT: William A. Carter, M.D., CEO and Chairman, 215-988-0080, or
investors, Sharon Will, 212-572-0762, both of Hemispherx Biopharma; or media,
William J. Jenks of Broadgate Consultants, 212-232-2222, for Hemispherx
Biopharma/
/Web site: hemispherx.com
(HEB)
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