Mealey's Securities/D&O Liability - Shareholder Lacks Standing To Bring Federal Securities Law Claims, Judge Rules

Mealey's Securities/D&O Liability - Shareholder Lacks Standing To Bring Federal Securities Law Claims, Judge Rules

BOSTON - Dismissal of a shareholder class action lawsuit against a biotechnology company and certain of its officers and directors is proper because the lead plaintiff in the action lacks standing to bring its federal securities law claims, a federal judge in Massachusetts ruled March 31 (City of Bristol Pension Fund v. Vertex Pharmaceuticals Inc., et al., No. 12-11654, D. Mass.; 2014 U.S. Dist. LEXIS 43400).

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