Shareholders Fail To Plead Loss Causation In Stock-Drop Suit Against Drug Maker

Mealey's (August 12, 2021, 2:27 PM EDT) -- SAN FRANCISCO — In an Aug. 10 order, a federal judge in California ruled that although shareholders in a securities class action lawsuit against a drug maker and others stemming from the defendants’ alleged misrepresentation of sales expectations and usage of the company’s coagulant drug have sufficiently pleaded an actionable misstatement or omission and scienter, dismissal of their federal securities law claims is necessary because they have failed to properly plead loss causation....