A federal judge dismissed a putative class action against former officers and directors of a pharmaceutical company that did not inform shareholders the company was shopping for a buyer.
On Aug. 20, U.S. District Judge Gregory M. Sleet of the District of Delaware threw out Johansson v. Ferrari. Sleet’s ruling held that the former insiders of Savient Pharmaceuticals Inc., which was later acquired, did not have to inform shareholders of the “subtle” shift in business plans.
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