Investors In Dissolved Biotech Co. Sued Too Late, Judge Rules

Law360, Philadelphia (August 13, 2013, 7:23 PM EDT) -- A Pennsylvania federal judge ruled Monday that a two-year statute of limitations barred a putative class action alleging defunct biotechnology firm Genaera Corp. shortchanged shareholders by undervaluing company assets sold through a liquidating trust.

U.S. District Judge Berle Schiller said plaintiff Alan Schmidt was aware of the results of auctions and other efforts to liquidate company assets more than two years before he filed his class action in June 2012, alleging he and other Genaera shareholders had been stiffed out of the full value of the...
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