Genzyme Seeks Toss Of Investors' Insider Trading Suit

Law360, New York (February 1, 2011, 7:28 PM EST) -- Genzyme Corp. has asked a federal judge to dismiss a shareholder suit that accuses company executives of misleading the U.S. Food and Drug Administration and selling $117 million worth of stock based on nonpublic information.

The biotech giant said that its board of directors has already responded to the shareholders’ allegations and found no evidence of wrongdoing by the defendants in a motion filed on Monday in the U.S. District Court for the District of Massachusetts.

The shareholders claim that the defendants — Genzyme CEO Henri...
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