Aeterna, Shareholders Reach $6.5M Hormone Drug Deal
Law360 (July 24, 2020, 4:52 PM EDT) -- Investors in biopharmaceutical company Aeterna Zentaris Inc. asked a New Jersey federal judge Thursday to approve a $6.5 million deal to end class action allegations that the company lied about the success of a potential new hormone deficiency drug, causing its stock price to plummet.
Investors involved in the yearslong suit called the $6.5 million cash settlement an "excellent result," as it represents about 18% of the $35.9 million in potential maximum damages. The amount is also a mediator's recommendation that comes after two arm's-length mediations, the Thursday filing noted.
In the suit filed Nov. 11, 2014, investors allege Aeterna and several...
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