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Faruqi & Faruqi, on Behalf of Direct Purchasers, Defeats Motion to Dismiss in Zetia Pay-For-Delay Case

February 20th, 2019

On February 6, 2019, Magistrate Judge Douglas E. Miller of the Eastern District of Virginia recommended that the district court deny defendants Merck & Co., Inc. and Glenmark Pharmaceuticals Inc.’s motion to dismiss in the pay-for-delay case over Merck’s blockbuster cholesterol drug Zetia. Faruqi & Faruqi represent the direct purchaser plaintiffs in this litigation. Plaintiffs alleged that...

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Insider Trading Plans Come Under Legislative Scrutiny

February 4th, 2019

A new House Bill, the “Promoting Transparent Standards for Corporate Insiders Act,” could change how corporate insider trading is conducted and disclosed.  On January 28, 2019, the full House overwhelmingly voted to give the Securities and Exchange Commission (“SEC”) the authority to carry out a study on SEC Rule 10b5-1.  Under the current Rule, an insider’s stock sale is not...

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Recent Sec Actions Highlight the Importance of Implementing Effective Cybersecurity Measures

January 24th, 2019

On January 15, 2019, the United States Securities and Exchange Commission (“SEC”) filed a civil complaint against thirteen individuals and entities for allegedly hacking into the SEC’s EDGAR filing database between May and at least October 2016.  The complaint alleges that the hackers reaped over $4.1 million from trading on information in confidential filings.  SEC Chairman Jay...

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Direct Purchasers of Lamictal Certified as a Class in Pay-for-Delay Case

December 17th, 2018

On December 12, 2018, Judge William H. Walls of the United States District Court for the District of New Jersey certified a class of direct purchasers of GlaxoSmithKline’s blockbuster epilepsy and bipolar disorder drug Lamictal. In the pay-for-delay case In re Lamictal Direct Purchaser Antitrust Litigation, plaintiffs challenge a settlement agreement between GlaxoSmithKline and Teva...

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Federal Judge Rules Against SEC in Blockchain ICO Case

December 12th, 2018

Judge Gonzalo Curiel of the Southern District of California recently denied the Securities and Exchange Commission’s (“SEC”) motion for a preliminary injunction against Blockvest, a Blockchain company, when he found that the SEC had not shown that Blockvest had violated US Securities Laws.  The SEC’s complaint alleged that Blockvest had engaged in the unregistered sale of securities...

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