Sparse Securities Claims Against COVID-19 Treatment Maker Again Dismissed

Mealey's (April 12, 2022, 1:33 PM EDT) -- SAN DIEGO — Dismissal of shareholder claims in a securities class action lawsuit against a clinical-stage biopharmaceutical company and certain of its senior executives stemming from alleged misrepresentations the defendants made pertaining to the drugmaker’s development of a monoclonal therapy for the treatment of COVID-19 is warranted because the lead plaintiff has failed to overcome his inability to sufficiently plead a material misrepresentation or omission and scienter in pleading his federal securities law claims, a federal judge in California ruled April 11 in granting the defendant’s motion....