2nd Circ. Hands GSK A Win In Avandia Securities Suit

Law360, New York (August 26, 2009, 2:41 PM EDT) -- A federal appeals court has shot down an appeal from a group of investors who claimed GlaxoSmithKline PLC violated securities laws by concealing the potential cardiovascular risks of its blockbuster diabetes drug Avandia.

The U.S. Court of Appeals for the Second Circuit unanimously affirmed a lower court ruling on Monday, denying a victory to the U.K.-based Avon Pension Fund, two plumbers unions and a putative class of GSK stockholders.

“[W]e conclude that 'all of the facts alleged' in the complaint are insufficient to raise a cogent...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.