GEOPHARMA PREVAILS IN DEVICE SECURITIES DISPUTE
GeoPharma is moving forward with the launch of a product designed to help cancer patients, after a court dismissed a securities claim against the company.
A judge in the U.S. District Court for the Southern District of New York recently dismissed a lawsuit filed against GeoPharma that alleged the company had violated securities laws by issuing false or misleading statements regarding Mucotrol. Mucotrol is a chewable wafer designed to sooth inflammations in the mouth that can occur during cancer treatment.
The suit alleged that GeoPharma had issued material misstatements about the FDA's approval of the product as a device, leading to an increase in stock price and trading volume. Specifically, the plaintiffs argued that the company had created the impression that the agency had approved Mucotrol as a prescription drug.
The judge allowed the plaintiffs 20 days from the Sept. 30 decision to replead their claims.
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