Robbins Arroyo LLP: iBio, Inc. (IBIO) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of iBio, Inc. (NYSE: IBIO) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of Delaware. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between October 13, 2014 and October 23, 2014. iBio is a biotechnology company that focuses on the commercialization of proprietary plant-based protein expression technologies in the United States and internationally.
iBio Is Accused of Overstating Expected Profit
According to the complaint, shares of iBio fell 32% on October 20, 2014, and an additional 8% to close at $1.63 per share on October 23, 2014, following the publication of articles by SeekingAlpha.com questioning iBio’s involvement in the emergency response to the Ebola virus outbreak. Specifically, the complaint claims that the SeekingAlpha.com articles refuted certain statements made by iBio representatives and a press release issued by iBio on October 16, 2014, that mislead investors into believing that iBio’s proprietary technology would be involved in the fight against the Ebola virus. According to the SeekingAlpha.com reports, the ZMapp vaccine used to fight the Ebola virus could be produced without licensing iBio’s technology.
iBio Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.