Pain Therapeutics Gets Investors' Painkiller Suit Nixed

Law360, New York (September 26, 2012, 8:14 PM EDT) -- A Texas federal judge on Wednesday dismissed a class action alleging Pain Therapeutics Inc.'s brass misled investors into thinking the biopharmaceutical company's newly developed painkiller would receive U.S. Food and Drug Administration approval, when it ultimately did not.

In granting PTI's motion to dismiss, U.S. District Judge Sam Sparks said the shareholders who brought the suit had not sufficiently pled allegations that PTI's chief executive and other directors intentionally deceived investors into thinking Remoxy, a less addictive form of oxycodone, would get FDA approval and go...
To view the full article, register now.