Judge: Reliance On Erroneous Information In Securities Suit Fatal To Claims

Mealey's (September 14, 2017, 11:27 AM EDT) -- OAKLAND, Calif. — The lead plaintiff in a securities class action lawsuit against a clinical stage biopharmaceutical company relied on erroneous information in arguing that the company and certain of its senior executives concealed from investors certain adverse events observed in a phase III clinical trial for the company’s hepatitis B drug in violation of federal securities laws, a federal judge in California ruled Sept. 12 in granting the defendants’ motion to dismiss (In re Dynavax Securities Litigation, No. 16-6690, N.D. Calif., 2017 U.S. Dist. LEXIS 147760)....