The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired Exicure, Inc. (“Exicure” or the “Company”) (NASDAQ:XCUR) securities from March 11, 2021 through November 15, 2021, inclusive (the “Class Period”). Investors have until February 11, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Exicure is a clinical stage biotechnology company that develops therapeutics for neurology, immuno-oncology, inflammatory diseases, and other genetic disorders based on its proprietary spherical nucleic acid technology.
On November 15, 2021, after the market closed, Exicure filed a Form 12b-25 with the U.S. Securities and Exchange Commission (“SEC”) stating that it could not timely file its quarterly report for the period ended September 30, 2021. It explained that the Company was investigating “a claim made by a former Company senior researcher regarding alleged improprieties that researcher claims to have committed with respect to the Company’s XCUR-FXN preclinical program for the treatment of Friedreich’s ataxia.” On this news, the Company’s stock price declined by $0.29 per share, or approximately 27.1%, from $1.07 per share to close at $0.78 per share on November 16, 2021
The lawsuit alleges throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there had been certain improprieties in Exicure’s preclinical program for the treatment of Friedreich’s ataxia; (2) as a result, there was a material risk that data from the preclinical program would not support continued clinical development; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.