Securities Suit V. Axonyx Over Alzheimer's Drug Nixed

Law360, New York (March 31, 2009, 12:00 AM EDT) -- A federal judge has dismissed a securities suit brought against Axonyx Inc. over the pharmaceutical company's alleged misstatements surrounding the development of an experimental Alzheimer's disease treatment.

Judge Thomas Griesa of the U.S. District Court for the Southern District of New York tossed the case Friday, rejecting claims by the lead plaintiff — the City of Dearborn Heights Act 345 Police & Fire Retirement System — and others that Axonyx and two of its executives violated federal securities laws.

“The complaint does not contain anything approaching...
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