Securities Suit V. Axonyx Over Alzheimer's Drug Nixed

Securities Suit V. Axonyx Over Alzheimer's Drug Nixed - 3/31/2009 , Class Action News, Class Action, Securities News, shareholder class action, claim, litigation, securities action, common stock'>

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Securities Suit V. Axonyx Over Alzheimer's Drug Nixed
Anne Urda

Law 360. March 31, 2009
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EXCERPT: A federal judge has dismissed a securities suit brought against Axonyx Inc. over the pharmaceutical company's alleged misstatements surrounding the development of an experimental Alzheimer's disease treatment. Judge Thomas Griesa of the U.S. District Court for the Southern District of New York tossed the case Friday, rejecting claims by the lead plaintiff — the City of Dearborn Heights Act 345 Police & Fire Retirement System — and others that Axonyx and two of its executives violated federal securities laws. “The complaint does not contain anything approaching a plausible claim of knowing or reckless defects in the clinical trial concealed from the investing public — something that would be a bizarre departure from any normal method of doing business,” the judge said. … The case is In re: Axonyx Securities Litigation, case number 05-cv-2307, in the U.S. District Court for the Southern District of New York.

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