An investor in XBiotech Inc (NASDAQ:XBIT) filed a lawsuit over alleged violations of Securities Laws by XBiotech Inc.
Investors who purchased shares of XBiotech Inc (NASDAQ:XBIT) have certain options and for certain investors are short and strict deadlines running. Deadline: February 1, 2016. NASDAQ:XBIT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of XBiotech Inc (NASDAQ:XBIT) common shares between April 15, 2015 and November 23, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between April 15, 2015 and November 23, 2015 Defendants issued allegedly materially false and misleading statements to investors and/or failed to disclose that a fewer number of per protocol patients were available for primary endpoint evaluation in the Phase III Study, that the data from 72 patients of the Phase III Study was compromised, that XBiotech did not adequately sample patients to accommodate data loss, that 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 that 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.
XBiotech Inc began trading on April 15, 2015 and shares of XBiotech Inc (NASDAQ:XBIT) reached as high as $31.50 per share on April 20, 2015.
On November 23, 2015, XBiotech Inc (NASDAQ:XBIT) provided an update on the phase III oncology study in Europe. XBiotech Inc disclosed that data for 72 patients in its study of True Human(TM) therapeutic antibodies have been compromised and are not available for primary endpoint evaluation due to irregularities. XBiotech Inc said that these irregularities include patients dropping off the study prior to receiving any dosing with drug or placebo, erroneously receiving either placebo or study drug, and failing to receive scheduled DEXA scans, properly complete EORTC evaluation, or both.
Shares of XBiotech Inc (NASDAQ:XBIT) declined to as low as $8.14 per share on November 24, 2015.
Those who purchased shares of XBiotech Inc (NASDAQ:XBIT) have certain options and should contact the Shareholders Foundation.
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