Threshold Settles Shareholder Action For $10M

Law360, New York (November 10, 2009, 12:57 PM EST) -- Threshold Pharmaceuticals Inc. has agreed to pay $10 million to settle a securities fraud action that alleged the biotechnology company and its top executive misled investors ahead of its initial public offering.

The shareholder plaintiffs filed a motion for an order approving the settlement and certifying a class of investors in the U.S. District Court for the Northern District of California on Monday, seven months after Threshold won its bid to toss numerous claims from the operative second amended complaint.

According to the motion, Threshold's insurers...
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