Rigel Securities Suit Tossed On Specificity Grounds

Law360, New York (December 23, 2009, 4:24 PM EST) -- A federal judge has dismissed a securities class action against Rigel Pharmaceuticals Inc., finding that the plaintiffs had not proved the company knowingly omitted adverse results from tests on an experimental rheumatoid arthritis drug that caused steep investor losses.

Judge Jeffrey S. Wright of the U.S. District Court for the Northern District of California on Monday found that the plaintiffs, led by Inter-Local Pension Fund GCC/IBT, had not met the requirements under the Private Securities Litigation Reform Act for proving that Rigel had purposely excluded the...
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