NEW YORK, Dec. 14, 2001 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Northern District of California on behalf of all purchasers of Xoma, Ltd. ("XOMA" or the "Company") (Nasdaq:XOMA) stock between May 24, 2001 and October 4, 2001, including those persons who purchased shares in or traceable to XOMA's June 26, 2001 offering of three million shares (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com.
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning its plans to file a Food and Drug Administration application for Xanelim, an experimental psoriasis drug XOMA was co-developing with Genentech Inc. Specifically, the complaint alleges that defendants caused the two Companies, as co-developers of the psoriasis drug Xanelim, to repeatedly tell investors that XOMA intended to file its Biologics Licensing Application ("BLA") with the Food and Drug Administration (the "FDA") by the end of 2001 or first quarter of 2002. The timing of the BLA filing was material to investors because the prompt filing would allow Xanelim to reach the market faster than its competitors and thereby gain greater market share. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period.
On October 4, 2001, after the market closed, the Company issued a press release disclosing for the first time that it would not file the BLA until the summer of 2002 at the earliest. The next day the price of XOMA stock fell as low as $6.40 from a closing price of $9.76 per share a day earlier.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired XOMA securities between May 24, 2001 and October 4, 2001, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased XOMA securities during the Class Period, you may, not later than January 14, 2001, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail Avozz@faruqilaw.com www.faruqilaw.com
More information on these and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.