4th Circ. Upholds Dismissal Of Inspire Securities Suit

Law360, New York (December 15, 2008, 12:00 AM EST) -- A federal appeals court has affirmed the dismissal of a consolidated class action against Inspire Pharmaceuticals Inc. that accused the company of overstating the likely success of Prolacria, an experimental dry eye disease treatment, in order to inflate stock values and raise funds.

The U.S. Court of Appeals for the Fourth Circuit held Friday that the trial court did not err in ruling that the plaintiffs' claims had failed to meet the scienter pleading requirements of the Private Securities Litigation Reform Act of 1995 as interpreted...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.