Novelos Claims Securities Action Strikes Out

Law360, New York (September 12, 2011, 3:26 PM EDT) -- Novelos Therapeutics Inc. argued Friday that a putative class of investors alleging the company misled them about the prospects of a developmental-stage cancer drug had failed for a third time to state a claim, and thus the complaint should be dismissed for good.

In a motion to dismiss filed in Boston federal court, Novelos said that new claims in a second amended complaint filed in August alleging that the company changed the formula of lung cancer drug NOV-002 in 2005 without approval from the U.S. Food...
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