Pharma Co. Misled Investors About Hepatitis Drug, Suit Says
By Jeff Sistrunk
Law360, Los Angeles (October 9, 2013, 6:32 PM ET) -- Biopharmaceutical company Achillion Pharmaceuticals Inc. was hit Wednesday with a proposed class action accusing the company of failing to disclose that its hepatitis drug sovaprevir doesn't interact well with certain other antiviral medications, which ultimately led to a drop in its stock price.
Joseph Sniezak filed the lawsuit in Connecticut federal court, alleging New Haven, Ct.-based Achillion and some of its executives misrepresented to investors and in financial filings the results of its clinical trials for sovaprevir, maintaining the drug was safe and effective when tests...