Cancer Drug Firm Ducks Shareholder Suit Over $26M Offering

Law360, New York (September 20, 2013, 9:04 PM EDT) -- A putative class action lawsuit accusing GenVec Inc. of raising $26.2 million from shareholders to develop a pancreatic cancer treatment it knew to be ineffective was dismissed from a Maryland federal court on Friday, because the biopharmaceutical company never made material omissions.

Lead plaintiff Satish Shah launched the suit in February on behalf of investors in Gaithersburg, Md.-based GenVec, alleging the company artificially inflated its stock price through a series of misleading press releases before announcing in March 2010 that the treatment, TNFerade, had foundered during...
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