With significant implications for all companies involved in drug development, Cooley LLP securities litigators secured a victory for client Rigel Pharmaceuticals, Inc. On September 6, the Ninth Circuit Court of Appeals affirmed the dismissal of a securities fraud suit against the company. The decision was the first from the Ninth Circuit to address the implication of last year’s landmark Supreme Court decision in Matrixx Initiatives, Inc. v. Siracusano, 131 S.Ct. 1309 (2011) in the drug development and approval process. The decision validates the process followed by many drug development companies of initially releasing “top-line data” from drug trials and later disclosing more detailed data at scientific conferences.
Read a more comprehensive article on the decision here.