SOURCE: Saxena White P.A.

December 23, 2015 14:52 ET

Saxena White P.A. Files Securities Fraud Class Action Against KaloBios Pharmaceuticals, Inc.

BOCA RATON, FL--(Marketwired - December 23, 2015) - Saxena White P.A. has filed a securities fraud class action lawsuit 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). 

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.

You may obtain a copy of the Complaint at www.saxenawhite.com

If you purchased KaloBios stock between November 19, 2015 and December 17, 2015, inclusive, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased KaloBios common stock during the Class Period of November 19, 2015 through December 17, 2015, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than February 16, 2016. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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