Chancery Ignored Precedent By Axing Suit, Del. Justices Told

Law360 (October 14, 2020, 7:14 PM EDT) -- An attorney for Esperion Therapeutics Inc. stockholders told Delaware's Supreme Court on Wednesday that a vice chancellor "completely ignored" a contrary federal precedent in tossing a Chancery Court suit earlier this year accusing the biopharmaceutical company of misleading investors in 2015.

Stephen J. Oddo of Robbins LLP, counsel to a proposed class of Esperion investors, argued that a Sixth Circuit decision in 2018 revived a similar direct federal securities action in Michigan focused on accounts and allegations involving the same events highlighted in the Delaware case.

Vice Chancellor Joseph R. Slights III's dismissal was largely silent on the Sixth Circuit finding,...

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