4th Circ. Revives Chelsea Therapeutics Class Action
Law360, New York (March 16, 2015, 7:19 PM EDT) -- The Fourth Circuit dismantled a North Carolina federal court's ruling that dismissed allegations of misleading investors against Chelsea Therapeutics International Ltd. in a split decision on Monday, saying that the court not only inappropriately relied on regulatory filings to reach its decision, but that it also misinterpreted those documents.
The circuit court's decision hinged in part on the lower court's characterization of U.S. Securities and Exchange filings showing company officers' stock purchases and holdings, which the higher court said provided an incomplete picture of whether corporate officers were selling off stocks in anticipation of a dip in share prices, according to...
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