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Case Status:    DISMISSED    
On or around 08/04/2005 (Date of order of final judgment)

Filing Date: November 16, 2004

By the Stipulation and Order of Dismissal with Prejudice dated August 4, 2005, the action is dismissed with prejudice pursuant to Federal Rule of Civil Procedure 41(a)(1).

On April 27, 2005, the Court entered the Order signed by U.S. District Judge Maxine M. Chesney granting the Defendants’ motion to dismiss the complaint with leave to amend. On May 20, 2005, the Plaintiff filed a First Amended Complaint.

The original complaint charges Xoma issued materially false and misleading information and failed to disclose material facts and, as a result, the market price of Xoma’s securities was artificially inflated during the Class Period. Xoma is a biopharmaceutical company that develops and manufactures recombinant antibodies and other protein products to treat cancer, immunological and inflammatory disorder, and infectious diseases.

Specifially, the complaint alleges that during the Class Period, Xoma announced the result of Phase I clinical trials of XMP.629, an acne drug being developed by the company. The announced results indicated that XMP.629 would be an effective acne treatment. However, shortly after reiterating the result of the Phase I studies, Xoma announced that Phase II studies did not show any clinical benefit for XMP.629 and that additional clinical trials with XMP.629 were not going to be pursued. The statements were materially false and misleading statements because they failed to disclose and misrepresented the following material adverse facts which were known to the defendants or recklessly disregarded by them prior to a July 29, 2004 announcement: (1) that the Phase II trial of XMP.629 was not showing any clinical benefit for XMP.629; and (2) that additional clinical trials with XMP.629 were not going to be pursued.

The complaint further alleges the day after the August 16, 2004 press release, the price of Xoma’s common stock tumbled nearly 37% from $2.58 to $2.26. On or around August 18, 2004, the share price tumbled yet another 13% to $1.98. On both days, the trading volume was approximately 14 times the average volume.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: XOMA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 04-CV-04878
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 11/16/2004
CLASS PERIOD START: 07/07/2004
CLASS PERIOD END: 08/16/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  2. Green Welling LLP (San Francisco)
    235 Pine Street, 15th Floor, Green Welling LLP (San Francisco), CA 94104
    415.477.6700 415.477.6710 · gw@classcounsel.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 04-CV-04878
JUDGE: Hon. Maxine M. Chesney
DATE FILED: 05/20/2005
CLASS PERIOD START: 07/07/2004
CLASS PERIOD END: 08/16/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  2. Green Welling LLP (San Francisco)
    235 Pine Street, 15th Floor, Green Welling LLP (San Francisco), CA 94104
    415.477.6700 415.477.6710 · gw@classcounsel.com
No Document Title Filing Date