Judge:  Drug Company's Alleged Misstatements In Stock-Drop Suit Not Actionable

Mealey's (July 28, 2020, 1:37 PM EDT) -- BOSTON — Statements issued by a pharmaceutical company and certain current and former executive officers regarding the timing of topline results for a Phase 3 clinical test for a renal cancer treatment drug were are not actionable because a shareholder failed to sufficiently show that the statements were false when made, a federal judge in Massachusetts ruled July 24 in granting the defendants' motion to dismiss (David Hackel v. AVEO Pharmaceuticals Inc., et al., No. 19-10783, D. Mass., 2020 U.S. Dist. LEXIS 131573)....