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California Federal Court Approves “Excellent” $166 Million Settlement for Direct Purchasers of Lidoderm

September 17th, 2018

Last week, a federal judge in California approved a $166 million settlement for a class of direct purchasers who bought the pain medication drug Lidoderm.  Faruqi & Faruqi served as co-lead counsel for the class and the firm’s Chair of the Pharmaceutical Litigation Department, Peter Kohn, addressed the Court at the final approval hearing. The settlement marks the culmination of over four...

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Ninth Circuit Criticizes Overuse Of Extrinsic Documents By Defendants Seeking To Dismiss Securities Fraud Cases

September 14th, 2018

On August 13, 2018, the Ninth Circuit Court of Appeals issued a decision in Khoja v. Orexigen Therapeutics, Inc., No. 16-56069, 2018 WL 3826298 (9th Cir. Aug. 13, 2018) reversing the United State District Court for the Southern District of California’s (“District Court”) dismissal under Fed. R. Civ. P. 12(b)(6) of a securities class action brought against Orexigen Therapeutics, Inc....

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Federal Court Sustains Criminal Securities Fraud Case Over Initial Coin Offering

September 13th, 2018

U.S. District Judge Raymond J. Dearie of the Eastern District of New York ruled Tuesday that a criminal case alleging that Maksim Zaslavskiy committed securities fraud in connection with the sale of cryptocurrency tokens may proceed to trial. The government claims that Zaslavskiy defrauded more than a thousand investors by lying about the prospects of his initial coin offerings, REcoin and...

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Oh My Darling, Memantine: Summary Judgment Denied and Class Certified in the Namenda case

August 22nd, 2018

On August 2, 2018, Judge McMahon denied Forest’s motion for summary judgment and granted certification of a class of Direct Purchasers in In re Namenda Direct Purchaser Antitrust Litigation.  In Namenda, Plaintiffs are challenging a product hop by Forest from Namenda IR to Namenda XR and reverse payments by Forest in settlement of patent litigation over Namenda IR. The New York Attorney...

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New York Congressman Indicted on Insider Trading Charges

August 16th, 2018

New York Congressman Christopher Collins (“Collins”) was recently arrested and charged with insider trading.  The indictment alleges that Collins, who served on the Board of Directors of Innate Immunotherapeutics Limited (the “Company”), illegally tipped off his son, Cameron, about the failed results of the Company’s drug trial.  Immediately thereafter, Cameron allegedly sold 1.4...

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