Court Tosses Enzo Biochem Class Action

Law360, New York (December 13, 2006, 12:00 AM EST) -- In a victory for Enzo Biochem Inc., a district court has dismissed a consolidated class action lawsuit filed against the company on the grounds that shareholders failed to meet the pleading standards for a fraud complaint.

The U.S. District Court for the Southern District of New York granted Enzo’s motion to dismiss, ruling that “plaintiffs have failed to plead fraud with the requisite particularity and have failed to plead loss causation, reliance and the purchase or sale of a security.”

The court did not, however, grant...
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