Appeals Court Upholds Dismissal Of Enzo Fraud Claim

Law360, New York (September 22, 2006, 12:00 AM EDT) -- In a setback for a shareholder fighting to pin a securities fraud allegation on Enzo Biochem Inc., an appeals court has affirmed a lower court’s ruling to toss the claim against the biotech company.

The U.S. Appeals Court for the Fourth Circuit found Thursday that the district court properly dismissed the plaintiffs’ common law fraud claim against Enzo for allegedly exaggerating the early success of its HIV and Hepatitis B therapies.

Lawrence F. Glaser had purchased more than one million shares of Enzo stock from 1994...
To view the full article, register now.