US court dismisses investor suit against Biovail over Aplenzin
This article was originally published in Scrip
Executive Summary
The US District Court for the Southern District of New York has dismissed a purported securities fraud lawsuit against Biovail that alleged the company misled investors about the prospects for FDA approval of its antidepressant Aplenzin (bupropion hydrobromide; BVF-033). The court said that the plaintiff's amended complaint "fails to plead any actionable misrepresentations" and was "a prime exemplar of a legally baseless securities 'strike suit'". The court denied the plaintiff's request to re-plead its allegations.