Shapiro Haber & Urmy LLP Has Filed a Class Action Lawsuit Against FrontPoint Partners, LLC for Insider Trading in Human Genome Sciences, Inc. (HGSI) Stock

BOSTON, Jan. 25, 2011 /PRNewswire/ -- Shapiro Haber & Urmy LLP has filed a class action alleging securities fraud and insider trading against FrontPoint Partners, LLC, Yves Benhamou, Joseph F. "Chip" Skowron and certain FrontPoint investment advisors and hedge funds.  The Complaint was filed in the United States District Court for the District of Connecticut, on January 4, 2011, on behalf of all persons and entities that purchased shares of Human Genome Sciences, Inc. ("HGSI") from December 7, 2007 through January 22, 2008 (the "Class Period").  To our knowledge the class action filed by Shapiro Haber & Urmy LLP is the only such action that has been filed concerning this matter.  FrontPoint has liquidated the hedge fund defendants and distributed most of their assets to the investors in those hedge funds.  To protect the interests of the members of the class, Shapiro Haber & Urmy LLP is currently seeking a temporary restraining order and a preliminary injunction to prevent further distribution of monies from the FrontPoint hedge funds. The case is entitled Brodzinsky v. FrontPoint Partners, LLC, C.A. No. 3:11-cv-00010.

If you are interested in serving as a lead plaintiff in this action, or if you have any questions regarding this case or would like to obtain a copy of the complaint in this action, please call attorneys Ian McLoughlin or Michelle Blauner of Shapiro Haber & Urmy LLP at (800) 287-8119 or (617) 439-3939.  You may also contact us via our website http://www.shulaw.com/submit.php or email [email protected].  The deadline for lead plaintiff applications is March 22, 2011.  More information about Shapiro Haber & Urmy LLP and its experience and qualifications is available on the firm's website at www.shulaw.com.

The Complaint alleges that during the Class Period, six healthcare-related hedge funds (the "Hedge Funds") managed by FrontPoint Partners LLC ("FrontPoint") sold 6,164,500 shares of HGSI common stock while their portfolio manager, Joseph F. "Chip" Skowron ("Skowron"), was in possession of material negative non-public information concerning HGSI's clinical trial for the drug Albumin Interferon Alfa 2-a ("Albuferon").  The Complaint alleges that Skowron's information came from Yves Benhamou, M.D. ("Benhamou"), one of five members of a Steering Committee overseeing the Albuferon trial.  On January 23, 2008, HGSI publicly disclosed the negative information regarding the Albuferon trial, causing the price of HGSI stock to fall $4.40 per share to $5.62 per share, a 44% decline.  Accordingly, the Hedge Funds avoided just over $30 million in losses as a result of their unlawful sales of HGSI stock while in possession of material adverse information regarding HGSI.  Shapiro Haber & Urmy LLP seeks to recover that $30 million for the class of purchasers of HGSI stock during the Class Period.

If you purchased shares of Human Genome Sciences, Inc., from December 7, 2007 through January 22, 2008, you are a member of the putative class in this action and Shapiro Haber & Urmy LLP welcomes the opportunity to discuss this matter with you.  Please call us at (800) 287-8119 or (617) 439-3939 or email [email protected].

SOURCE Shapiro Haber & Urmy LLP