Stiefel ERISA Plaintiffs Lose Class Cert. Bid

Law360, New York (July 22, 2011, 2:06 PM EDT) -- A Florida federal judge refused Thursday to certify a class action accusing Stiefel Laboratories Inc. of significantly undervaluing its stock when it persuaded employees to resell their shares to the company on the eve of its acquisition by GlaxoSmithKline PLC.

U.S. District Judge James Lawrence King ruled that the plaintiffs would have to show that each individual class member relied on Stiefel's alleged misrepresentations and omissions in order to succeed on their Employee Retirement Income Security Act and securities law claims. As such, the case is...
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