Faruqi & Faruqi Alert: XOMA Corporation
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in XOMA Corporation (“XOMA” or the “Company”) (NasdaqGM:XOMA) of the September 22, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased XOMA securities between November 6, 2014 and July 21, 2015.
The complaint alleges that the Company and certain officers made false and/or misleading statements about the expected success of the Company’s clinical trials to evaluate gevokizumab for the treatment of, among other things, Behcet’s disease. One of the Company’s trial drugs, EYEGUARD-B, in Phase 3, was projected for imminent commercialization due to high expectations of its clinical trial results.
Specifically, on May 28, 2015, XOMA announced that it had reached its target exacerbation event as specified in the gevokizumab study which produced an 8% jump in the Company’s share price. However, on July 22, 2015, after markets closed, XOMA revealed that the study did not meet the primary endpoint of first acute ocular exacerbation, representing an important setback for the study.
After this announcement, XOMA share price fell from a closing price of $3.48 per share on July 21, 2015 to an opening price of $0.91 on July 22, 2015—a $3.48 or a 79.3 % drop.
If you invested in XOMA stock or options between November 6, 2014 and July 21, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding XOMA’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.