1st Circ. Affirms Ex-Aveo CFO Committed Securities Fraud

Law360 (January 22, 2021, 10:56 PM EST) -- The First Circuit on Friday affirmed a jury's verdict finding the former chief financial officer of Aveo Pharmaceuticals Inc. liable for civil securities fraud, saying there was sufficient evidence for a jury to conclude that he knowingly misled investors about the prospects of a kidney cancer drug.

Judge William J. Kayatta Jr., writing for the panel, rejected ex-CFO David Johnston's argument that he was entitled to judgment as a matter of law in the lower court because he had no duty to disclose the U.S. Food and Drug Administration's recommendation for another trial of the drug known as Tivo.

"A reasonable...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!