NEW YORK, April 29, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Biota Pharmaceuticals, Inc. ("Biota" or the "Company") (NASDAQ: BOTA) (CUSIP: 090694100). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Biota and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 29, 2014 the Company announced in a Securities and Exchange Commission (SEC) Form 8-K filing, "that it has been notified by the U.S. Department of Health and Human Services (HHS) office of the Assistant Secretary for Preparedness and Response (ASPR) and Biomedical Advanced Research and Development Authority (BARDA) that pending a decision regarding the outcome of a recently completed In Process Review (IPR) of the Company's contract for the development of laninamivir octanoate, which the Company is developing for the treatment of influenza A and B infections in the United States through a contract with BARDA, ASPR/BARDA, has issued a Stop-Work Order notifying the Company to discontinue work on a number of activities under its contract."
On this news, shares of Biota fell $1.93, or more than 34.67%, on intraday trading to $3.64, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP