U.S. Court of Appeals for the Ninth Circuit in San Francisco. Photo: Jason Doiy/ALM 9th Circuit Rejects Securities Allegations Against Biotech Company's COVID-19 'Cure' Claim
The plaintiff "does not allege any particular improper or inflated sales. Indeed, as defendants note, Zenoff identifies no individual stock sales at all," Judge Consuelo Callahan wrote on behalf of the court.
March 28, 2024 at 04:52 PM
4 minute read
The original version of this story was published on The Recorder
Sorrento Therapeutics' claims of finding a "cure" for COVID-19 — which led to a spike in stock prices — were neither materially false nor misleading, a federal appeals court ruled this week in upholding the dismissal of a securities fraud suit against the biopharmaceutical company.
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