As if the Ebola crisis weren’t scary enough, the securities class action plaintiffs bar has gotten in on the action, too.
As of late October, at least five shareholder plaintiffs firms had taken aim at iBio Inc., a small Delaware-based biotech company that claims to be “a leader in the plant-made pharmaceutical field.” IBio enjoyed a huge Ebola-driven spike in its stock price that month, amid reports connecting the company to efforts by the U.S. government and drugmakers to ramp up production of an experimental Ebola treatment called ZMapp. IBio’s shares then took a terrific tumble, after the website Seeking Alpha debunked the notion that the company stands to profit from ZMapp.
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