"By framing the risk of third-party noncompliance as a mere possibility when they knew the FDA had issued a Form 483 observing such noncompliance at its audit, Defendants did not provide complete information to reasonable investors; thus, the statement was misleading and is actionable," the court said.
July 15, 2024 at 05:39 PM
3 minute read
Litigation Reporter
A Connecticut federal court judge dismissed a securities class action against drug manufacturer BioXcel Therapeutics Inc., which uses artificial intelligence to develop medications.
However, the court agreed, based on the plaintiff’s allegations, that BioXcel did make misrepresentations. As a result, the court afforded leave to amend the complaint. According to the docket, the second amended complaint is due Aug. 1.
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