Cases & Deals

Pharmaceutical company defends putative securities fraud class action

Client(s) Pharmaceutical company

Jones Day represents a pharmaceutical company, along with current and former officers, in a putative securities fraud class action arising from announcements the company made related to three different drugs in development or on the market, which the plaintiff claims together caused the company's stock to drop 40 percent. Jones Day moved to dismiss the complaint in its entirety, arguing that the plaintiff's theory tying all three drugs together to a single purported fraud was implausible on its face, and its allegations as to each drug individually failed to state a claim for multiple independent reasons. The motion to dismiss is fully briefed and currently pending.