WILMINGTON, Del., Dec. 11, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC , a boutique securities class action law firm focused on representing shareholders nationwide, announced that a securities fraud class action lawsuit has been filed in the U.S. District Court, Western District of Texas, Case No. 1:15-cv-01083, on behalf of investors of XBiotech, Inc. (NASDAQ: XBIT ) (“XBiotech” or the “Company”) that held shares between April 15, 2015 and November 23, 2015 (the “Class Period”). If you purchased XBiotech securities during the Class Period, you may, no later than February 1, 2016, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that throughout the Class Period defendants issued materially false and misleading statements to investors 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; and (5) as a result of the foregoing, Defendants' statements about its business, operations, and prospects, including statements about the Phase III Study and clinical development of Xilonix, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 23, 2015, after markets had closed, XBiotech disclosed that data for 72 patients in its study of True Human(TM) therapeutic antibodies had been compromised and were not available for primary endpoint evaluation due to irregularities. These irregularities included patients: (1) dropping off the study prior to receiving any dosing with drug or placebo; (2) erroneously receiving either placebo or study drug; and (3) failing to receive scheduled DEXA scans, properly complete EORTC evaluation, or both.
As a result of the foregoing news, XBiotech’s stock price fell more than 25%, causing shareholders to incur millions in losses.
If you wish to serve as lead plaintiff, you must move the Court no later than February 1, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com . This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. cspringer@andrewsspringer.com Toll Free: 1-800-423-6013
