NEW YORK, March 02, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that it is investigating whether the directors and/or officers of Exicure, Inc (“Exicure” or the “Company”) ( XCUR) breached their fiduciary duties of loyalty, good faith and candor and whether the Company suffered substantial harm as a result.
According to a Complaint filed by investors in the securities of the Company, Defendants made materially 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 Defendants failed to disclose to investors: (i) that there had been certain improprieties in the Company’s preclinical program for the treatment of Friedreich’s ataxia; (ii) that, as a result, there was a material risk that data from the preclinical program would not support continued clinical development; and (iii) that, 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.
On November 15, 2021, after the market closed, the Company filed a Form 12b-25 with the 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 fell $0.30, or 28%, to close at $1.07 per share on November 16, 2021, on unusually heavy trading volume.
If you are an investor in securities and wish to discuss your rights or if you are aware of any facts relating to this investigation, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
