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Mealeys

Mealey's Securities/D&O Liability - Insufficiently Pleaded Claims In Stock-Drop Suit Against Drug Maker Dismissed

SAN FRANCISCO - A federal judge in California on Jan. 27 ruled that an investor has failed to properly plead falsity or scienter in arguing that a drug company and two of its senior executives violated federal securities law by failing to disclose to investors that they had omitted in a new drug application (NDA) key toxicity information for an active ingredient in a childhood-onset epilepsy treatment drug, which ultimately led the U.S. Food and Drug Administration to deny the NDA (Immanuel Lake, et al. v. Zogenix Inc., et al., No. 19-1975, N.D. Calif.).
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