2nd Circ. Won't Revive Elan, Pfizer Investor Row

Law360, New York (February 1, 2013, 9:12 PM EST) -- The Second Circuit on Friday declined to revive a proposed securities class action against drugmakers Elan Corp. PLC and Pfizer Inc. over allegedly misleading statements in a press release about the clinical trial results of an Alzheimer’s disease drug. 

A three-judge panel upheld a decision by U.S. District Judge Alvin Hellerstein tossing the suit in August 2011, finding that the press release had pointed mainly to positive results in a subgroup within the trial's subjects and not necessarily all of them.

The panel said also the...
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