Frontpoint Partners LLC Summary: According to the complaint filed January 04, 2011, over a six-week period in December 2007 and January 2008, six healthcare related hedge funds managed by Defendant FrontPoint Partners LLC ("FrontPoint") sold more than six million shares of Human Genome Sciences, Inc. ("HGSI") common stock while their portfolio manager possessed material negative non-public information concerning the HGSI's clinical trial for the drug Albumin Interferon Alfa 2-a.
On March 2, 2011, the plaintiffs filed a First Amended Class Action Complaint, amending the named defendants and securities violations. On March 22, 2011, a motion for appointment as lead plaintiff and for approval of selection of lead counsel was filed. The defendants responded to the First Amended Complaint by filing a motion to dismiss on March 28, 2011.
The plaintiffs filed a Second Amended Complaint. The defendants responded by filing motions to dismiss on October and November 2011.
On April 25, 2012, the Court issued a Memorandum of Decision granting the defendants' motions to dismiss. The clerk was instructed to close this case.
On May 24, 2012, Plaintiffs filed a Notice of Appeal. On July 20, 2012 the Court of Appeals for the Second Circuit issued an Order granting the parties' stipulation to withdraw the appeal.
SIC Code: 0000
Industry: Misc. Financial Services
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