United States First Circuit

Dismissal of putative securities class action suit alleging actionable omissions from defendant's prospectus and registration statement in connection with a secondary offering is: 1) reversed in part and remanded, where the Complaint states claims of actionable omissions because the 23 undisclosed reports related to the drug Feraheme, gave rise to uncertainties defendant reasonably knew would adversely affect future revenues, and risk factors that made the offering risky and speculative; but 2) affirmed in part, where as to the information the FDA revealed nine months after the offering, the Complaint failed to allege omissions sufficient to state a claim.

Appellate Information

• Decided 02/04/2013
• Published 02/04/2013

Judges

• TORRUELLA

Court

• United States First Circuit

Counsel