Former Valeant Executive Denied Reconsideration in Securities Fraud Suit
The former head of Valeant Pharmaceuticals International Inc.' s dermatology division was unable to convince a court to end a class action lawsuit accusing the generic drugmaker and its executives of engaging in a massive scheme to fraudulently inflate the company's stock prices.
September 13, 2017 at 04:00 PM
4 minute read
The former head of Valeant Pharmaceuticals International Inc.'s dermatology division was unable to convince a court to rethink the validity of a class action lawsuit accusing the generic drugmaker and its executives of engaging in a massive scheme to fraudulently inflate the company's stock prices.
Deborah Jorn, who oversaw Valeant's U.S. dermatology business for more than two years, had moved for reconsideration in New Jersey federal court of an April ruling denying her motion to dismiss the case.
In court documents, Jorn said that lead plaintiffs TIAA-CREF had failed to plead that she had any actual knowledge of the alleged scheme, which ended up costing the Canadian company $80 billion in market capitalization. And she argued that U.S. District Judge Michael A. Shipp of the District of New Jersey had drifted from Third Circuit precedent in not assessing her “individual association” with the alleged fraud.
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