Lessons From 2020 Life Sciences Securities Class Actions
By Yvonne Puig and Peter Stokes (January 14, 2021, 12:25 PM EST) -- Biotechnology and life sciences companies weathered another deluge of securities class action litigation during 2020 over adverse U.S. Food and Drug Administration decisions, unfavorable clinical trial outcomes, safety issues and other market-deflating events.
At least 22 federal securities class actions were filed against pharmaceutical, biotechnology and health care companies during the first half of 2020 alone.
As U.S. District Judge Gene E. K. Pratter in the U.S. District Court for the Eastern District of Pennsylvania aptly observed, "[n]o formula has emerged" to "stem the tide of [securities] litigation arising from unrequited optimism" by companies with drugs or medical devices in clinical development....
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