Biotech Co. Must Face Securities Suit Over FDA Rejection

Law360 (July 22, 2020, 4:56 PM EDT) -- A New York federal judge on Tuesday rejected a bid from Acer Therapeutics to reverse his decision to allow a proposed securities class action to continue as it alleges the biotech company misrepresented conversations with the U.S. Food and Drug Administration and hurt investors after the FDA rejected a new drug application.

U.S. District Judge Gregory H. Woods stood by his June 16 decision to not dismiss the complaint, saying, "defendants have failed to carry their burden to show that the court clearly erred in [the decision]."

While the judge's June 16 decision pared down the complaint, it held that lead...

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