Inyx Shareholders Win Class Cert. In Fraud Battle

Law360, New York (July 7, 2011, 1:22 PM EDT) -- A federal judge in New York on Tuesday granted class status to shareholders alleging Inyx Inc.’s senior officers operated a fraud that drove the pharmaceutical company's U.S. business into bankruptcy in 2007.

U.S. District Judge P. Kevin Castel certified the class and appointed Brower Piven PC class counsel, as the investors bear down on Inyx and its insiders for allegedly lying about the company’s condition and fabricating accounts to tap into hundreds of millions of dollars in loans.

The defendants, including former Inyx CEO Jack Kachkar,...
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