Aveo Pharma Escapes Investors' Cancer Drug Stock-Drop Suit
Law360 (July 27, 2020, 5:06 PM EDT) -- A Massachusetts federal judge has tossed a securities class action alleging biopharmaceutical company Aveo and its executives misled investors about possible federal approval of a cancer drug, saying the company "explicitly warned the public" about the uncertainty of a clinical trial.
U.S. District Court Judge Allison D. Burroughs said Friday that Aveo's repeated warnings about its clinical trial in press releases, quarterly reports and filings with the U.S. Securities and Exchange Commission protected it from the investors' claims of securities fraud.
"It is difficult to determine how defendants could have more explicitly warned the public about the uncertainty of its timing estimates...
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