Biotech Co. Defeats Investor Suit Over Short-Seller Reports

Law360 (November 23, 2020, 10:38 PM EST) -- A Utah federal judge granted a dismissal with prejudice on Sunday of claims that the biotechnology firm PolarityTE Inc. misled investors about patent rejections detailed in short-seller reports from 2017 and 2018.

U.S. District Judge Howard C. Nielson Jr. found that many of the various statements challenged as misleading by a putative investor class were either true when made or immaterial to investors, and that more broadly, the suit's claims relied on the theory that several short-seller reports about PolarityTE's registration with the U.S. Food and Drug Administration and patent failures were the corrective disclosures that alerted the market to the...

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