NEW YORK, Dec. 03, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against XBiotech Inc. (“XBiotech” or the “Company”) (Nasdaq:XBIT) and certain of its present and former officers in the United District Court for the Western District of Texas on behalf of a class consisting of all persons or entities who purchased XBiotech securities between April 15, 2015 through November 23, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (i) a fewer number of per protocol patients were available for primary endpoint evaluation in the Phase III Study; (ii) the data from 72 patients of the Phase III Study was compromised; (iii) XBiotech did not adequately sample patients to accommodate data loss; (iv) 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 (v) 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
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 Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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