XCUR.US

id: 1306

Exicure (XCUR) $5.6M Investor Settlement

Eligible claimants can submit their claims for compensation.

N.D. Illinois

Court

1:21-cv-06637

Case number

01/07/2021

Class period Start

12/10/2021

Class period End

01/27/2025

Claim deadline

Exicure has agreed to a $5,6 million settlement with investors. Investors claim the company misled them by overstating the progress of its preclinical research for Friedreich’s ataxia treatment and concealing significant data issues.

Outline

Exicure allegedly misled investors by hiding critical problems in its preclinical research for Friedreich’s ataxia treatment, resulting in a share price drop of about 33.9% and significant financial losses.
Timeline
January - December 2021: Exicure reported strong progress on Friedreich’s ataxia treatment, boosting investor confidence with presentations and data that were later proven to be fabricated.
November 2021: Exicure hinted at issues, announcing an investigation into potential misconduct, causing a drop in stock prices.
December 2021: Exicure admitted to data fabrication, leading to further stock declines and investor losses.
Background

Throughout 2021, Exicure consistently provided upbeat updates on its research into Friedreich’s ataxia, a genetic disorder affecting the nervous system. The company highlighted promising preclinical data during events like R&D Day, suggesting that the treatment was on the verge of entering clinical trials. These claims, which were shared widely with investors, painted an optimistic picture of the project’s future.

However, it was later uncovered that much of this data had been fabricated by Dr. Grant Corbett, the Group Head of Neuroscience at Exicure. Despite being aware of these fabrications, the company continued to issue positive statements, misleading investors about the true state of the research.

The truth was finally revealed in December 2021, when Exicure disclosed through an SEC filing and internal investigation that the data was falsified. This disclosure led to a sharp decline in the company's stock price, resulting in significant financial losses for its investors.

What can investors expect now?

Exicure recently decided to resolve the suit and settle $5,6M with investors to end all allegations related to the concealing of critical research issues.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.

Case Status

Accepting Claims

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.14

Filing date

12/13/2021

Plaintiffs

Mark Colwell

Attorneys

Bleichmar Fonti & Auld LLP (New York, NY), Fegan Scott LLC (Chicago, IL), The Schall Law Firm (Los Angeles, CA)

Defendants

David A. Giljohann, Brian C. Bock, Grant Corbett

Judge

Hon. John F. Kness

Administrator

EPIQ

Settlement agreement date

2024-09-06

Court hearing date

01/13/2025

Exclusion deadline

12/13/2024

Objection deadline

12/23/2024

Attorney fee

$3,325,000

Trades matching type

FIFO

+$5,625,000

Cash Settlement Amount

Frequently Asked Questions

When will you be able to apply for the payment?

Do I have to sell securities to be eligible?

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