Faruqi & Faruqi, LLP Announces Investigation of GenVec, Inc. (GNVC)
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at GenVec, Inc. (“GenVec” or the “Company”) (Nasdaq: GNVC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that GenVec’s much publicized product, TNFerade, designed for the treatment of certain cancers and infectious diseases (HIV, malaria, influenza, foot-and-mouth disease, respiratory syncytial virus, and HSV-2), was not effective.
On March 29, 2010, GenVec announced that it was discontinuing its Phase III clinical trial of TNFerade in patients with locally advanced pancreatic cancer. On this news, the Company’s stock price declined by $20.10 per share – from $28.10 per share on March 29, 2010 to a close of $8.00 per share on March 30, 2010 – a decline of more than 71.5% on unusually high volume.
If you purchased GenVec securities between March 12, 2009 and March 30, 2010 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding GenVec’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.