Chelsea Therapeutics Settles Investor Class Action For $5.5M

Law360, New York (May 27, 2016, 6:56 PM EDT) -- Chelsea Therapeutics International Inc. has agreed to pay $5.5 million in cash to settle an investor’s putative securities class action stemming from alleged misstatements about its blood pressure drug Northera, the investor told a North Carolina federal court Friday.

Roman Zak, lead plaintiff in the case, asked the court in an unopposed motion to approve the class and sign off on the settlement, which was reached after a March meeting of both parties with Jed Melnick of Judicial Arbitration Mediation Services. Zak also asked for Faruqi & Faruqi LLP to be named as class counsel.

“Lead plaintiff believes that the claims...

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