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.




Case Information

Case Title

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

Case Number




Nature of Suit



Nathaniel M. Gorton

Date Filed

March 5, 2010

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.