Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against KaloBios Pharmaceuticals, Inc.
Oklahoma City, OK (December 22, 2015) – On December 18, 2015, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against KaloBios Pharmaceuticals, Inc. (NASDAQ: KBIO). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 19, 2015 through December 17, 2015. More specifically, this litigation was filed because on December 17, 2015, it was reported that Martin Shkreli, the CEO of KaloBios, was arrested on securities fraud charges. He is being accused of using Retropin, Inc.’s stock, a company Shkreli founded in 2011, to pay off hedge fund debts from unrelated business dealings. On this news, KaloBios stock plummetted and later that day trading was halted.
Plaintiff seeks to recover damages on behalf of all KaloBios Pharmaceuticals, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, February 16, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Tue, December 22, 2015
by Robin Hester filed under