LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the “Class”) of purchasers of KaloBios Pharmaceuticals, Inc. (“KaloBios” or the “Company”) (Nasdaq: KBIO) securities between November 19, 2015 and December 17, 2015, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at shareholders@glancylaw.com to discuss this matter.
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.
The complaint charges KaloBios and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that throughout the Class Period, defendants failed to disclose that: (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 ventures; (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.
To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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