Nektar Dodges Stock-Drop Suit Over Poor Study Results
Law360 (July 14, 2020, 3:07 PM EDT) -- A California federal judge has dismissed a stock-drop proposed class action against biopharmaceutical research company Nektar, saying investors hadn't provided specific details in their allegations that the company misled them about cancer drug trials.
U.S. District Judge Haywood S. Gilliam Jr. shot down the claims of falsity and scienter Monday and gave the investors 28 days to file an amended complaint.
"Although plaintiffs argue in their opposition 'that defendants committed fraud by publicly reporting results that they knew or should have known were either so incomplete or so statistically flawed as to lack clinical significance,' they have failed to explain why...
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