Chancery Drops Suit Over Biopharma Firm's Cholesterol Drug

Law360 (February 13, 2020, 9:24 PM EST) -- A Delaware vice chancellor on Thursday tossed a derivative suit against biopharmaceutical company Esperion Therapeutics Inc. that alleged its officers purposely misled the public about the prospects of a cholesterol-lowering drug in development, ruling the suit had a fatal procedural flaw.

In a 31-page memorandum opinion, Vice Chancellor Joseph R. Slights III ruled that the investor who filed suit failed to show a demand on Esperion's board that it pursue litigation claims would have been futile.

Stockholder Hubert Owens, who filed suit against Esperion and its officers in 2016 alleging breaches of fiduciary duty in connection with public disclosures made about...

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