Failure To Plead Scienter Dooms Securities Class Action Claims

Mealey's (September 7, 2018, 1:59 PM EDT) -- PHILADELPHIA — A federal judge in Pennsylvania on Sept. 5 ruled that shareholders in a securities class action lawsuit against a pharmaceutical company and certain of its executive officers failed to sufficiently show that the defendants acted with the required state of mind when they allegedly misrepresented that the new drug application (NDA) for the company’s post-surgical pain relief drug would receive U.S. Food and Drug Administration approval (In re Innocoll Holdings Public Ltd. Co. Securities Litigation, No. 17-341, E.D. Pa., 2018 U.S. Dist. LEXIS 150707)....