XBiotech (XBIT) Says Class Actions Suit Dismissed in Texas

October 11, 2016 8:01 AM EDT
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XBiotech Inc. (Nasdaq: XBIT) announced that the U.S. District Court for the Western District of Texas granted the Company’s motion to dismiss in the 2015 securities class action lawsuit brought against the Company and certain of its directors. In a final judgment issued on October 7th, 2016, the Honorable Judge Sam Sparks dismissed the lawsuit with prejudice, meaning the plaintiff is barred from refiling the claim (Case 1:15-CV-1083-SS).

“We are pleased with the expeditious ruling by Judge Sparks in this case,” said XBiotech Associate Counsel, Sarah Schick.

As previously disclosed, the Company and certain of its directors and officers were also named in a class action suit filed in the Superior Court for the State of California, Los Angeles County. On September 20, 2016, the Los Angeles court entered an order staying the California case in deference to the Texas case. Now that the Texas case has been dismissed, the Company intends to seek the dismissal of the California suit.

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