Life Sciences Law360 provides breaking legal news and analysis on the pharmaceutical and medical device industry. Coverage includes high-stakes litigation and policy developments that affect life sciences companies, as well as licensing deals, mergers, and other corporate transactions.
A New York federal judge on Friday signed off on $44.6 million in fees for attorneys who secured a $210 million settlement to end a proposed class action by Salix Pharmaceuticals Ltd. shareholders claiming the company misrepresented inventory levels to falsely inflate its stock price.
An attorney convicted of fraudulently inflating a medical device company’s stock has petitioned the U.S. Supreme Court to take up his case, saying the Eleventh Circuit was wrong to sign off on prosecutors’ decision to knowingly use false testimony in his trial by reasoning that the government didn’t suppress evidence that the witnesses lied.
A Mississippi federal jury on Friday sided with Johnson & Johnson unit Janssen Pharmaceuticals Inc. and Bayer HealthCare Pharmaceuticals Inc. in a bellwether case brought by a woman claiming the blood thinner Xarelto caused gastrointestinal bleeding that required her hospitalization, according to the plaintiff’s and defendants’ representatives.
A Texas federal jury Friday found the former CEO of ArthroCare Corp. guilty of wire fraud and securities fraud for his role in a scheme to inflate the medical device company’s sales and revenue numbers, which cost investors $750 million, after his first conviction was vacated and gave way to a retrial.
A Ninth Circuit panel on Friday revived some of the claims in a securities fraud class action against Atossa Genetics Inc. after finding that the investors behind the suit had properly alleged some public statements by the breast health device maker and its CEO were materially false or misleading.