Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of XBiotech Inc. (NASDAQ: XBIT) (“XBiotech”) between April 15, 2015 and November 23, 2015, inclusive (the “Class Period”).
Biotech Inc.investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, XBiotech is a pharmaceutical company attempting to discover and develop antibody therapies derived from natural immunity to disease. XBiotech’s lead product is Xilonix which is currently the subject of two clinical studies for treating patients with advanced colorectal cancer. A pivotal study of Xilonix to assess its treatment of colorectal cancer with patients in Europe is currently underway in Phase III (the “Phase III Study”).
The complaint alleges that throughout the Class Period, the defendants issued false and/or misleading statements and/or failed to disclose that: (1) a fewer number of per protocol patients were available for primary endpoint evaluation in the Phase III Study; (2) the data from 72 patients of the Phase III Study was compromised; (3) XBiotech did not adequately sample patients to accommodate data loss; (4) as a result of not properly sampling patients for the Phase III Study, the Phase III Study would have reduced statistical power to demonstrate the proposed outcome; (5) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, including statements about the Phase III Study clinical development of Xilonix, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The Class Period begins on April 15, 2015, when XBiotech had its initial public offering. According to the complaint, after market closed on November 23, 2015, the company issued a press release entitled, “XBiotech Provides Update on Phase III Oncology Study in Europe.” The press release detailed problems with the number of patients in the study. Following this news, shares of XBiotech declined $4.50 per share, or approximately 34%, to close at $8.75 per share on November 24, 2015, on unusually heavy volume.
If you are a member of the class described above, you may no later than February 1, 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