KaloBios investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, KaloBios is a biopharmaceutical company that develops monoclonal antibody therapeutics to combat diseases.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) that the CEO of the company was engaged in a scheme involving the illegal use of stock from Retrophin, Inc. to pay off debts associated with other unrelated business venture; (2) that discovery and revelation of the scheme would likely undermine the company’s operations and prospects; and (3) that, as a result of the foregoing, Defendants’ statements about KaloBios’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
The Class Period commences on November 19, 2015 when KaloBios issued a press release disclosing that Shkreli had been appointed CEO of the company.
According to the complaint, on December 17, 2015, news outlets reported that Martin Shkreli, the CEO of KaloBios, was arrested on fraud charges relating to his illegal use of stock from Retrophin, Inc. to pay off debts associated with other unrelated business ventures.
Following this news, shares of KaloBios fell $12.56 per share, or more than 53%, during pre-market trading on December 17, 2015. Trading was halted on the stock before the market opened.
If you are a member of the class described above, you may no later than February 16, 2016, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706