WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of XBiotech Inc. (NASDAQ GS: XBIT)?
- Did you purchase your shares pursuant and/or traceable to the April 15, 2015 initial public offering, or between April 15, 2015 and November 23, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Western District of Texas on behalf of all persons or entities that purchased the common stock of XBiotech Inc. (“XBiotech” or the “Company”) (NASDAQ GS: XBIT) between April 15, 2015 and November 23, 2015, inclusive (the “Class Period”) alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers. A separate complaint has been filed in the Superior Court of the State of California on behalf of all persons or entities that acquired XBiotech shares pursuant or traceable to its initial public offering (“IPO”) commenced on or about April 15, 2015, alleging violations of the Securities Exchange Act of 1933 against the Company and certain of its officers.
If you purchased shares of XBiotech in the April 15, 2015 offering, or during the period April 15, 2015 and November 23, 2015, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/xbiotech-inc-xbit.
Both actions allege that throughout the Class Period, and in the Registration Statement issued in connection with the IPO, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the price of Company’s stock was artificially inflated.
According to these actions, on November 23, 2015, the Company issued a press release detailing problems with the number of patients in its Phase III study. According to the release, the Company reported that data cleaning had revealed a fewer number of per protocol patients available for primary endpoint evaluation. The Company indicated that the irregularities found compromised data from 72 patients in the study.
On this news, shares in XBiotech dropped over 33%, closing at $8.75 per share on November 24, 2015, on heavy trading volume.
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. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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