NJ Court Tosses Columbia Labs Stock Drop Suit

Law360, New York (October 22, 2013, 6:09 PM EDT) -- A New Jersey federal judge on Monday tossed a consolidated putative class action against Columbia Laboratories Inc., saying there's no proof behind the allegation that the company knew Prochieve, its drug for preventing premature birth, wouldn't secure regulators' approval, yet misled investors about the drug's prospects.

U.S. District Judge Faith Hochberg granted motions to dismiss from Columbia and co-defendant Watson Pharmaceuticals Inc., saying the plaintiffs failed to allege that Columbia’s senior managers misled investors by overhyping the results of clinical trials for the drug, even though...
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