3rd Circ. Won't Revive Cephalon Shareholder Case

Law360, New York (December 15, 2010, 1:37 PM EST) -- A federal appeals court has refused to revive a Cephalon Inc. shareholder's suit accusing the company's board and CEO of failing to properly oversee sales and promotions practices for the drugs Provigil, Actiq and Gabitril.

In a nonprecedential opinion, the U.S. Court of Appeals for the Third Circuit ruled on Tuesday that a lower court had correctly tossed Cephalon stockholder Jerald King's suit because he failed to plead that a presuit demand on the board would have been futile.

King filed his shareholder derivative suit in...
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