1st Circ. Upholds Dismissal Of Biogen Suit

Law360, New York (August 11, 2008, 12:00 AM EDT) -- An appeals court has upheld the dismissal of a consolidated securities class action against Biogen Idec Inc. for the 2005 stock drop that resulted when the drugmaker temporarily yanked its multiple sclerosis treatment from the market.

A three-judge panel of the U.S. Court of Appeals for the First Circuit on Thursday denied the plaintiffs' appeal, finding they had failed to show how company executives would have known about the risks associated with the drug Tysabri well before disclosing them to the public in February 2005....
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