Pharmaceutical Company Successfully Defends Securities Fraud Shareholder Class Action

A pharmaceutical company successfully defended a securities fraud shareholder class action challenging the company’s valuation of auction rate securities in a case involving a single-day, $600 million market drop. Our firm represented the pharmaceutical company and obtained court approval of a classwide settlement of less than $2 million (including attorneys’ fees and notice costs). We also achieved dismissal of a related shareholder derivative suit.

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