Pharma Co. Shakes Texas Securities Suit In Post-Cyan Ruling

Law360 (November 13, 2018, 10:00 PM EST) -- A Texas judge permanently tossed an investor suit alleging pharmaceutical company XBiotech and its underwriters misled investors about its progress in clinical studies for its flagship product, in what is among the first dismissals of a Section 11 securities class action in a state court after the U.S. Supreme Court's Cyan ruling.

Judge Dustin M. Howell agreed in a brief order Tuesday with XBiotech that the investors’ claims the company falsified information in a filing to the U.S. Securities and Exchange Commission, brought under Section 11 of the Securities Act of 1933, were unfounded. He dismissed the suit in its entirety...

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