This lawsuit is for anyone who acquired securities in Exicure, Inc. (NASDAQ: XCUR) from January 7, 2021 through December 10, 2021.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors by telling investors that the Company had controls in place over its preclinical program for the treatment of Friedreich’s ataxia to prevent improprieties in the program, but then failing to have such controls in place to prevent improprieties.
On November 15, 2021, Exicure 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 price of the Company's stock dropped precipitously on unusually heavy trading volume Then, on November 19, 2021, before the market opened, Exicure issued a press release wherein the Company disclosed that "[t]he Audit Committee has retained external counsel to conduct an internal investigation" regarding the claim by a former Company senior researcher regarding alleged improprieties with respect to the Company's XCUR-FXN preclinical program, and that "[t]he Company is currently unable to predict the timing or outcome of the investigation.' On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on December 10, 2021, after the market closed, Exicure issued a press release wherein the Company announced the "results of its previously disclosed independent internal investigation" and disclosed that ''misreported data was included in various public presentations and SEC filings from as early as January 7, 2021 through as late as August 12, 2021," that the data related to the efficacy of XCUR-FXN. The Company also announced that in response to the wrongdoing, the Company was implementing "[a] stagered workforce reduction of approximately 50%, expected to be completed by January 2022," and an "[i]ndefinite suspension of further development of the Company's XCUR-FXN program for the treatment of Friedreich's ataxia." The Company further disclosed that "Douglas Feltner, M.D, the Company's Chief Medical _Officer, has agreed to assist in the wind down of the cavrotolimod and XCUR-FXN programs and will depart the Company on January 31, 2022." Exicure also replaced its Chief Executive Officer, Dr. David Giljohann, who would serve as Chief Technology Officer through January 31, 2022. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Exicure, Inc. (NASDAQ: XCUR) from January 7, 2021 through December 10, 2021 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Case Summary
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
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6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
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agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.
