Shareholders Rebel Against Connetics

Law360, New York (November 9, 2006, 12:00 AM EST) -- Connetics Corp. was hit Wednesday with yet another securities class action lawsuit over allegations that it concealed information from its shareholders regarding the new acne drug Velac.

The suit was the third of its kind filed in the U.S. District Court for the Northern District of California alone. Like the others, it accused the pharmaceutical company of keeping stock prices artificially inflated by failing to disclose a 2004 study that showed the drug caused tumors in 55% of mice.

Then, as they continued stating that Velac...
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