1st Circ. Affirms New Lead Plaintiff Can't Save Biotech Suit

Law360 (August 26, 2020, 5:29 PM EDT) -- The First Circuit has affirmed a Boston federal court's decision to dismiss a proposed shareholder class action after the investors tried to add a new lead plaintiff into the suit, which accuses a robotic prosthetics company of lying during the leadup to its initial public offering.

In a Tuesday opinion, a three-judge panel said U.S. District Judge F. Dennis Saylor IV had been right to deny plaintiff Wang Yan's request to amend the complaint against robotic leg company ReWalk Robotics Ltd. and its executives and underwriters.  Attorneys for the plaintiff had sought add Joanne Geller to bring claims under the Securities...

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