The following is the news release sent out by Asensio a few days after a South Carolina jury found his reports violated the anti-fraud provisions of the SEC Act. Asensio not only filed a post-trial motion to overturn the verdict against him, but when that failed, took the case to the Appeals Court. It, too, upheld the jury's verdict against him. Asensio's repeated efforts to overturn the jury make one thing very clear: he knew that this news release claiming victory was entirely false.
The South Carolina case was brought by two individual investors, not Hemispherx. Asensio appears unable to acknowledge that he was found to have defrauded ordinary investors.
|April 02, 2002
Asensio & Company, Inc. wins second jury verdict.
Since June 10, 1999 Stradley, Ronon, Stevens & Young, LLP, Hemispherx Biopharma, Inc.'s (AMEX: HEB) (Price: $3.66) long-time attorneys, have been claiming to represent two alleged Chromatics Color Sciences International, Inc. (OTC: CCSI) (Price: $0.055) stockholders who sought $800,000 in damages from Asensio & Company, Inc. ("Asensio"). On March 28, 2002 a twelve-member jury awarded no damages to the Plaintiffs. The no damages finding eviscerated the Plaintiffs' entire case. The trial did not include any securities trading matters. Prior to the jury's verdict the presiding Federal judge ruled that Asensio and its clients' short selling in CCSI stock was entirely lawful and was therefore excluded from the trial.
Hemispherx's attorneys' South Carolina complaint was identical to the complaint Hemispherx filed against Asensio in Philadelphia. The vast majority of allegations in both complaints were dismissed long before the cases were tried. In both cases only one of the many allegations made was not dismissed. Hemispherx's attorneys tried the two cases and lost.
Over an eleven-day period Hemispherx's attorneys called seven witnesses and used at least four attorneys in the South Carolina case. They brought audio and video equipment and large printed presentations into the courtroom and used expert testimony. Asensio only called one witness, used no experts and was represented by one local sole practitioner who did not use any visual aids.
It is unfortunate that both of these meritless cases were brought and made it to a jury. However, it is not surprising given Hemispherx's decades long history of filing senseless actions and aggressively pursuing bogus, fabricated claims. Hemispherx is a criminally organized stock promotion based on false and illegal claims about a medically useless and toxic drug.
Copyright 2003 by Asensio & Company, Inc. All rights reserved. This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. Opinions expressed are subject to change without notice. This report has been prepared from original sources and data which we believe to be reliable but accuracy is not guaranteed. This research report was prepared by Asensio & Company, Inc. whose stockholders, officers and employees may from time to time acquire, hold or sell a position in the securities mentioned herein.