XBiotech Faces Class Action Over Drug Study Problems

By Diana Novak Jones (December 3, 2015, 3:33 PM EST) -- XBiotech Inc. was hit with a putative class action in California state court by a group of shareholders who invested in the pharmaceutical company following its initial public offering, claiming the company misstated progress in European clinical studies for its primary product.

In a prospectus filed along with its public offering, Canada-based XBiotech said it expected enrollment in the study to be complete in the second half of 2015, but instead announced in November that a large number of patients enrolled in the study had dropped out or failed to properly complete all testing, according to the suit filed Tuesday....

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