High Court Snubs Gilead's Loss Causation Appeal

Law360, New York (April 20, 2009, 12:00 AM EDT) -- The U.S. Supreme Court on Monday declined to hear Gilead Sciences Inc.'s appeal of a finding that shareholders in a securities fraud class action against the drugmaker sufficiently alleged a causal relationship between the increase in sales from Gilead’s forbidden off-label marketing of its HIV drug Viread — artificially inflating the drug’s value for a time — and a later drop in the company's stock price.

In appealing an August decision by the U.S. Court of Appeals for the Ninth Circuit reversing the dismissal of the...
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