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Mealey's Securities/D&O Liability - Lack Of Misstatement Leads To Dismissal Of Stock-Drop Claims Against Drug Company

BOSTON - Dismissal of claims in a shareholder class action lawsuit against a biopharmaceutical company and two of its senior executives is necessary because a shareholder failed to plead any material misrepresentations or omissions in arguing that the defendants concealed that the company lacked adequate cash to fund existing operations and would require it to seek further funding through secondary stock offerings, a federal judge in Massachusetts ruled Nov. 13 (LSI Design and Integration Corp. v. Tesaro Inc., et al., No. 18-12352, D. Mass., 2019 U.S. Dist. LEXIS 196346).
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