Connetics Shareholders Win Class Certification

Law360, New York (May 13, 2009, 12:00 AM EDT) -- A federal judge has certified a class in a securities lawsuit alleging Connetics Corp. and a few of its top executives kept stock prices artificially high by failing to disclose a study showing that the drug company's new acne medication Velac Gel had caused cancerous skin tumors in mice.

In an order Tuesday, Judge Susan Illston of the U.S. District Court for the Northern District of California overruled Connetics' argument that the lead plaintiff, the Teachers’ Retirement System of Oklahoma, could not show that its claims...
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