Rigel Shareholders Again Lose Suit Over Arthritis Drug

Law360, New York (August 25, 2010, 5:11 PM EDT) -- A federal judge has dashed shareholders' second attempt to sue Rigel Pharmaceuticals Inc. over claims that the company knowingly omitted adverse results from tests on an experimental rheumatoid arthritis drug that caused steep investor losses.

Judge Jeffrey S. White of the U.S. District Court for the Northern District of California gave the plaintiffs 30 days to file another amended complaint in an order issued Tuesday.

Judge White found that the plaintiffs, led by Inter-Local Pension Fund GCC/IBT, had not met the requirements under the Private Securities...
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