NEW YORK, Oct. 28, 2014 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of iBio, Inc. ("iBio" or the "Company") (NYSE: IBIO), concerning whether the board has breached its fiduciary duties to shareholders.
On October 16, 2014, iBio issued a press release purporting to confirm that certain of its patents and proprietary technology could be used in "the further development and production of antibodies that target the Ebola virus." The press release also stated that iBio's partnership with Caliber Biotherapeutics LLC ("Caliber") involved the development of drugs to fight Ebola. The next day, a representative of iBio reportedly stated that the manufacture of experimental Ebola drug, ZMapp, would require a license from iBio. On this news, iBio's stock price increased significantly.
On October 20 and 23, 2014, reports were published online revealing that iBio's partnership with Caliber was unrelated to Ebola and that ZMapp could be, and would be, produced without a license from iBio. When the truth was revealed, iBio stock promptly lost more than 50% of its value.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own iBio shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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