Judge: Shareholder Failed To Plead Recklessness In Making Securities Law Claims

Judge: Shareholder Failed To Plead Recklessness In Making Securities Law Claims

SANTA ANA, Calif. - Dismissal of a shareholder's federal securities law claims is proper, a federal judge in California ruled Aug. 23, because he failed to show that a drug company and certain of its senior officers acted with the requisite scienter in misrepresenting the clinical results of a cancer drug it was developing (Nathaniel L. Anderson v. Peregrine Pharmaceuticals Inc., et al., No. 12-1647, C.D. Calif.; 2013 U.S. Dist. LEXIS 120419).

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