Lessons From In Re Rigel Pharmaceuticals

Law360, New York (September 19, 2012, 10:56 AM EDT) -- In In re Rigel Pharmaceuticals Inc. Securities Litigation (9th Cir. Sept. 6, 2012), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a putative securities class action against Rigel Pharmaceuticals Inc., certain of Rigel’s directors and officers, and underwriters of Rigel’s February 2008 stock offering.

In a published opinion, the court held plaintiffs failed to sufficiently plead a false or misleading statement, and that the complaint’s allegations failed to meet the heightened requirements for pleading scienter under the Private Securities Litigation...
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