Novelos Shakes Class Action Over Cancer Drug Statements

Law360, Wilmington (June 24, 2011, 2:39 PM EDT) -- A Massachusetts federal judge on Thursday tossed a securities class action against Novelos Therapeutics Inc., ruling that the pharmaceutical company’s CEO did not mislead investors about the prospects of a developmental-stage cancer drug.

U.S. District Judge Nathaniel M. Gorton issued an order dismissing the suit without prejudice, finding that statements Novelos CEO Harry S. Palmin made to the press regarding a clinical trial for lung cancer drug NOV-002 lacked intent to deceive, and that plaintiffs’ assertions to the contrary were based on an incomplete quote in...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Urman, et al v. Novelos Therapeutics, Inc. et al


Case Number

1:10-cv-10394

Court

Massachusetts

Nature of Suit

Securities/Commodities

Judge

Nathaniel M. Gorton

Date Filed

March 5, 2010

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.