WAYNE, Pa., Jan. 8, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces it has filed a class action lawsuit has been filed in the United States District Court for the Northern District of California against KaloBios Pharmaceuticals, Inc. ("KaloBios" or the "Company") (NASDAQ: KBIO) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from November 19, 2015 through December 17, 2015 (the "Class Period).
KalBios shareholders may, no later than February 16, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of KalBios and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/kbio.
KaloBios is a biopharmaceutical company focused on the development of monoclonal antibody therapeutics for serious medical conditions. The Company's clinical focus had included both respiratory diseases and cancer. However, as a result of the termination of the Company's respiratory programs, the Company's clinical development efforts shifted to oncology.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects.
Specifically, the Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Shkreli was currently the subject of a federal criminal investigation; (2) the Company's CEO was engaged in a scheme involving the illegal use of stock from Retrophin, Inc. to pay off debts associated with other unrelated business ventures; (3) the discovery or revelation of the scheme would likely undermine the Company's operations and prospects; and (4) as a result of the foregoing, Defendants' statements about KaloBios' business, operations, and prospects were materially false and/or misleading at all relevant times.
If you are a member of the class, you may, no later than February 16, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP