Securities Claims Against Drug Maker Dismissed For Failure To Plead Scienter

(October 20, 2017, 2:48 PM EDT) -- SEATTLE — The lead plaintiff in a securities class action against a developmental stage biopharmaceutical company and certain of its executive officers has shown that the defendants misrepresented the success and prospects for the company’s cancer treatment drug in violation of federal securities laws but has failed to show that the defendants acted with the requisite scienter, a federal judge in Washington ruled Oct. 18 in granting the defendants’ motion to dismiss without prejudice (Samit Patel v. Seattle Genetics Inc., et al., No. 17-41, W.D. Wash., 2017 U.S. Dist. LEXIS 172588)....