Judge: Investors Failed To Plead Falsity In Stock-Drop Case Against Drug Maker
(November 9, 2016, 5:24 PM EST) -- SAN FRANCISCO — Shareholders in a securities class action lawsuit against a clinical-stage biopharmaceutical company and others failed to plead falsity in making their federal securities law claims, a federal judge in California ruled Nov. 4 in granting the defendants’ motion to dismiss for failure to state a claim for relief (In re Avalanche Biotechnologies Inc. Securities Litigation, No. 15-3185, N.D. Calif.; 2016 U.S. Dist. LEXIS 152891).
(Opinion available. Document #57-161121-043Z.)
Lead plaintiff Arpan Bachhawat and plaintiff Srikanth Koneru filed an amended complaint in the U.S....