The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Northern District of California
on behalf of purchasers of KaloBios Pharmaceuticals, Inc. (Other OTC:
KBIOQ) (“KaloBios” or the “Company”) securities during the period
between November 19, 2015 and December 17, 2015, inclusive (the “Class
Period”). Investors who wish to become proactively involved in the
litigation have until February 16, 2016 to seek appointment as lead
plaintiff.
If you have suffered a loss from investment in KaloBios securities
purchased on or after November 19, 2015 and held through the revelation
of negative information during and/or at the end of the Class Period, as
described below, and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616. No class has yet been certified in
the above action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the Class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in Company securities during
the Class Period. Brower Piven also encourages anyone with
information regarding the Company’s conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that Martin Shkreli, the Chief Executive Officer
of KaloBios, was engaged in a scheme involving the illegal use of stock
from Retrophin to pay off debts associated with other unrelated business
ventures the revelation of which would likely undermine the Company’s
operations and prospects.
According to the complaint, following the December 17, 2015 news reports
that Shkreli was arrested on fraud charges relating to his illegal use
of stock from Retrophin, Inc. to pay off debts associated with other
unrelated business ventures, the value of KaloBios shares declined
substantially.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
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