PSLRA Claims Need Proof Of False Statements: 9th Circ.

Law360, New York (September 6, 2012, 8:03 PM EDT) -- The Ninth Circuit found Thursday that heightened pleading requirements of the Private Securities Litigation Reform Act require specific examples of false company statements, tossing a proposed shareholder class action claiming Rigel Pharmaceuticals Inc. masked adverse results in a clinical trial of an experimental arthritis drug.

A three-judge panel agreed with U.S. District Judge Jeffrey S. White that the plaintiffs Inter-Local Pension Fund GCC/IBT had not specifically claimed that South San Francisco, Calif.-based Rigel had wrongly reported the results of their analysis, but had objected only to...
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