Susan M. Greenwood | Bloomberg Law Philco Investments, LTD v. Martin, No. 10-CV-02785, 2011 BL 256556 (N.D. Cal. Oct. 4, 2011) For the second time, the U.S. District Court for the Northern District of California dismissed a securities fraud class action against pharmaceutical company Elan Corporation and three of its officers and directors (collectively, Defendants). The Court found that plaintiffs' First Amended Complaint (FAC) failed to correct the deficiencies to their claims under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. For more on the Court's original dismissal order, see Bloomberg Law Reports®—Securities Law, Securities Fraud Claims against Drug Company Dismissed (Feb. 10, 2011).
Allegations Remain Insufficient
No New Amendment
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