Judge Says Bid To Nix Valeant Stock-Drop Suit Unnecessary

Law360 (August 15, 2019, 11:02 PM EDT) -- A New Jersey federal judge said Thursday that it would be "a waste of judicial resources" to consider Valeant Pharmaceuticals' bid to toss a complaint from an options brokerage that is part of a proposed consolidated class action alleging Valeant fraudulently inflated its stock price, after previously rejecting the brokerage's own escape move.

U.S. District Judge Michael A. Shipp rejected Valeant Pharmaceuticals International Inc.'s attempt to dismiss brokerage firm Timber Hill LLC's proposed class action, saying, "Timber Hill's complaint is a legal nullity at this point in the litigation."

"Therefore, reaching the merits of defendants' motions would be a waste of judicial...

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