Immune Response Settles Shareholder Suits

Law360 (November 15, 2006, 12:00 AM EST) -- The Immune Response Corp. said Tuesday that it will pay nearly $10 million to settle a pair of securities class action lawsuits that accused it of misrepresenting the efficacy of its AIDS-treatment drug Remune.

In the federal case, which is still subject to court approval, Immune Response agreed to pay the affected shareholders $9.6 million. Meanwhile, in the related case before the California state courts, the pharmaceutical company agreed to pay $250,000 and adopt certain corporate governance requirements.

A settlement approval hearing on the state case...
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