Gpm announces the filing of a securities class action on behalf of xbiotech, inc. investors

Los angeles--(business wire)--glancy prongay & murray llp (“gpm”) announces the filing of a class action lawsuit on behalf of investors of xbiotech, inc. ("xbiotech" or the "company") (nasdaq: xbit) who purchased shares between april 15, 2015 and november 23, 2015, both dates inclusive (the “class period”). xbiotech investors have until february 1, 2016 to file a lead plaintiff motion, and investors are encouraged to contact gpm to discuss their legal rights. on november 23, 2015, xbiotech issued a press release announcing that data related to one of its phase iii studies was compromised due to fewer numbers of per protocol patients available for primary endpoint evaluation. the company found that (1) 25 patients dropped out of the study before receiving any dosing with drug or placebo, (2) 14 patients incorrectly received either placebo or study drug, and (3) 33 patients finished the study but failed to receive scheduled dexa scans, properly complete eortc evaluation, or both. in total, the combined irregularities compromised data from 72 patients in the study. on this news, xbiotech shares fell more than 30% during intra-day trading on november 24, 2015. according to the complaint, the company made materially false and misleading statements to investors and/or failed to disclose that: (1) a fewer number of per protocol patients were available for primary endpoint evaluation in the phase iii study; (2) the data from 72 patients of the phase iii study was compromised; (3) xbiotech did not adequately sample patients to accommodate data loss; and (4) as a result of not properly sampling patients, the phase iii study would have reduced statistical power to demonstrate the proposed outcome. if you purchased xbiotech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact lesley portnoy, esquire, of gpm, 1925 century park east, suite 2100, los angeles, california 90067 at 310-201-9150, toll-free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. if you inquire by email please include your mailing address, telephone number and number of shares purchased. this press release may be considered attorney advertising in some jurisdictions under the applicable law and ethical rules.
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