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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: JHP who wrote (5967)	3/20/2002 10:14:30 AM
From: Biomaven	Respond to of 52153

Wednesday March 20, 7:53 am Eastern Time Xoma says securities lawsuits dismissed BERKELEY, Calif., March 20 (Reuters) - Drug developer Xoma Ltd. (NasdaqNM:XOMA - news) on Wednesday said a federal judge dismissed three securities class-action lawsuits filed against Xoma, research partner Genentech Inc. (NYSE:DNA - news) and some of their officers last year. Xoma said the lawsuits alleged that information had been misrepresented and omitted in the expected timetable for the filing of a license application for Xanelim, a drug it is developing with Genentech. The dismissal of the suits means the plaintiffs and their counsel will not receive any compensation or reimbursement of expenses, said Xoma. Shares of Xoma ended Tuesday at $8.67 on the Nasdaq stock market. Their 52-week trading range is $5.31 to $17.75. I wish more companies would stand up and fight rather than giving in to what amounts to blackmail by the class-action vultures. Drug development is an uncertain business, and delays are common. On the other hand, some suits where there has been deliberate misrepresentation might encourage more openness. I've always been surprised that none of the lawyers went after CLTR's "reformatting" claim - perhaps because this didn't have a one-day denouement. Peter