Biotech Company, Execs Seek Dismissal Of Concocted Securities Fraud Claims

Mealey's (February 28, 2022, 1:07 PM EST) -- TACOMA, Wash. — Dismissal of shareholder claims in a securities class action against a biotechnology company and three of its senior executives regarding alleged misrepresentations the defendants made about the company’s HIV and COVID-19 treatment drug candidate is necessary because shareholders have attempted to “concoct a claim of securities fraud” where none exists, the defendants argue in a motion to dismiss filed Feb. 25 in Washington federal court....