9th Circ. Rules In Favor Of Gilead Shareholders

Law360, New York (August 12, 2008, 12:00 AM EDT) -- Shareholders who sued Gilead Sciences Inc. for illegally marketing a blockbuster HIV medication and falsely representing the company's financial forecast have sufficiently demonstrated loss causation against the drugmaker, an appeals court has ruled.

The U.S. Court of Appeals for the Ninth Circuit on Monday reversed the lower court's dismissal of the shareholder suit against Gilead and remanded the case back to the district court in Northern California to determine whether the plaintiffs properly demonstrated other claims alleged in the suit.

In 2003, shareholders sued Gilead and...
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