Axonyx Off Hook For Alzheimer's Drug Securities Suit

Law360, New York (March 24, 2010, 3:29 PM EDT) -- A federal appeals court has extinguished a securities class action alleging pharmaceutical firm Axonyx Inc. misled investors about the promise of its experimental Alzheimer's disease treatment Phenserine.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Tuesday affirmed the dismissal for “substantially the reasons articulated by the district court in its thoughtful and well-reasoned order and opinion.”

The plaintiffs failed to allege sufficient specific facts to state a claim that Axonyx purposely misled investors regarding Phenserine and the likelihood it would...
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