Secret Source Dooms Merger Suit V. Bioenvision

Law360, New York (April 1, 2009, 12:00 AM EDT) -- A federal judge has dismissed a lawsuit brought by former shareholders in Bioenvision Inc., ruling that because the plaintiffs relied on secondhand knowledge from an anonymous source in a separate lawsuit for their allegations that the company fraudulently deflated its stock price prior to a 2007 merger with Genzyme Corp., their claims could not stand.

Judge Sydney H. Stein of the U.S. District Court for the Southern District of New York ruled Tuesday that the plaintiffs, who sold stock in Bioenvision between April 11 and May...
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