NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces that a class action lawsuit has been filed on behalf of purchasers of KaloBios Pharmaceuticals, Inc. (NASDAQ:KBIO) securities from November 19, 2015 through December 17, 2015, all dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for KaloBios investors under the federal securities laws.
To join the KaloBios class action, go to the firm’s website at http://www.rosenlegal.com/cases-805.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
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.
According to the lawsuit, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the CEO of KaloBios 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) the discovery and revelation of that scheme would likely undermine KaloBios’ operations and prospects; and (3) as a result, defendants’ statements about KaloBios’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 16, 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, go to the firm’s website at http://www.rosenlegal.com/cases-805.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
