NJ Shareholder Suit Over Nymox's Prostate Drug Trials Tossed
Law360, New York (February 10, 2016, 9:57 PM EST) -- A New Jersey federal judge on Wednesday released Nymox Pharmaceutical Corp. and its founder from a class action securities suit, concluding that shareholders failed to demonstrate a purposeful scheme to misrepresent the prospects of a prostate drug when trials showed the medication was doomed to fail.
Roy Sapir’s amended complaint didn’t meet the standard of scienter necessary to withstand a motion to dismiss, U.S. District Judge Jose L. Linares held, concluding that the shareholders didn’t sufficiently show that Nymox and founder Paul Averback nefariously tried to hide NX-1207’s inevitable failure in order to keep the fledgling company on its feet....
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