Judge Gives Initial OK To Correvio Pharma $1.75M Class Deal

Law360 (November 20, 2020, 9:09 PM EST) -- A New York federal judge gave preliminary approval Thursday to a $1.75 million class action settlement that would end litigation alleging Canadian pharmaceutical company Correvio Pharma Corp. misled shareholders about the likelihood of a heart drug gaining approval by the U.S. Food and Drug Administration.

The December 2019 lawsuit alleged Correvio and its executives misled investors into believing that its postauthorization safety study, SPECTRUM, would help get FDA approval of its resubmitted new drug application for Brinavess when they were aware that the study had defects that made approval unlikely. By misleading shareholders, the company's stock traded at artificially high prices...

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