Prothena Settles Stock-Drop Suit For $15.75M

Law360 (August 27, 2019, 6:05 PM EDT) -- Prothena investors have negotiated a $15.75 million settlement with the neuroscience research and development company, which would end claims that it hid salient details of a clinical trial for a new drug and hurt shareholders when revelations about the trial made its stock price fall by nearly 70%.

The investors — led by Granite Point Capital and investor Simon James, who claim that their combined losses from the stock drop total $2 million — asked Judge Andrew L. Carter Jr. of New York's Southern District for preliminary approval of the settlement on Monday.

The proposal comes nearly six months after the...

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