6th Circ. Affirms Dismissal Of BioMimetic Shareholder Row
Law360, Los Angeles (March 28, 2014, 7:06 PM EDT) -- The Sixth Circuit on Friday affirmed a lower court's rejection of a shareholder class action against BioMimetic Therapeutics Inc., finding that the company may have believed what it was saying when it told investors its bone- and tissue-regenerating product would be approved by the U.S. Food and Drug Administration.
The plaintiffs argued that BioMimetic issued a series of statements expressing the company's optimism that it would get FDA approval for its product after a series of clinical trials went well, but that the company knew the trial didn't meet the FDA's requirements, according to the suit.
But the three-judge panel ruled...
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