1st Circ. Affirms Ex-Aveo CFO Committed Securities Fraud

Law360 (January 22, 2021, 10:56 PM EST) -- The First Circuit on Friday affirmed a jury's verdict finding the former chief financial officer of Aveo Pharmaceuticals Inc. liable for civil securities fraud, saying there was sufficient evidence for a jury to conclude that he knowingly misled investors about the prospects of a kidney cancer drug.

Judge William J. Kayatta Jr., writing for the panel, rejected ex-CFO David Johnston's argument that he was entitled to judgment as a matter of law in the lower court because he had no duty to disclose the U.S. Food and Drug Administration's recommendation for another trial of the drug known as Tivo.

"A reasonable...

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