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High Court Won't Hear Orexigen Securities Fraud Suit

Law360 (May 20, 2019, 2:43 PM EDT) -- The U.S. Supreme Court declined on Monday to hear a challenge to a Ninth Circuit ruling that biotechnology company Orexigen had a duty to warn investors when new information about a drug conflicted with prior findings that were accurate when disclosed.

In an opinion that partially revived a stock-drop suit alleging misrepresentations about an obesity drug, the appellate panel had found in August that now-bankrupt Orexigen Therapeutics Inc. should have informed investors when it discovered that its drug did not actually offer the cardiovascular benefits suggested in earlier testing of the drug.

Executives for Orexigen petitioned the high court in January...

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Subscribers Only

Case Number

Subscribers Only

Court

Supreme Court

Nature of Suit

3850 Securities, Commodities, Exchange

Date Filed

February 4, 2019

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