The San Diego law firm of Johnson & Weaver announced on November 1 that it is filing a lawsuit against San Diego biopharmaceutical firm Vical, Inc.
The suit, intended to be a class action, alleges that Vical touted the importance and potential success of Allovectin, a cancer drug, indicating that it would receive approval from the Food and Drug Administration.
On August 12 the company revealed that Allovectin failed to provide efficacious results and tests would be terminated. That day, the stock plunged to $1.53 from its price the previous trading day of $3.58; it closed on November 1 at $1.26.
The company will not comment on the suit.