
LegalZoom.com, Inc. (LZ)
Whether directors and officers of LegalZoom.com, Inc. (LZ) breached their fiduciary duties to the company and its shareholders.
Investigation
10/22/2021
Initial Lawsuit
10/22/2021
Lawsuit Progression
01/10/2022
Dismissal
01/19/2023
Did BioMarin mislead investors about the safety profile of BMN 307 and the filing of an investigational new drug application (IND) with the FDA?
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A lawsuit was subsequently filed. We update this post regularly.
09/06/2021
BioMarin announces that the U.S Food and Drug Administration (FDA) placed a clinical hold on the BMN 307 Phearless Phase 1/2 study. The FDA’s clinical hold was based on interim safety findings from a pre-clinical, non-GLP pharmacology study.
“The Company carried out this pre-clinical study to understand the durability of BMN 307 activity in mice bearing two germline mutations, which may predispose the mice to the development of malignancy. One mutation eliminated the PAH gene that’s missing in PKU and the second rendered the animals immunodeficient. Of 63 animals treated, six of seven animals administered BMN 307 at the highest dose group (2e14 Vg/kg) had tumors on liver necropsy 52 weeks after dosing with evidence for integration of portions of AAV vector into the genome. No lesions were observed in any mice at 24 weeks. Five of these animals had adenomas and one had a hepatocellular carcinoma (HCC). The translatability of these findings to humans is uncertain and under further investigation. . . “
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$77.81 | $84.95 | $-7.14 | -8.4% |
A BioMarin shareholder filed a federal securities class action lawsuit on behalf of a class consisting of all persons and entities other than defendants that purchased or otherwise acquired BioMarin securities between January 13, 2020 and September 3, 2021, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:
(i) BMN 307 was less safe than BioMarin had led investors to believe;
(ii) BMN 307’s safety profile made it likely that the FDA would place a clinical hold on the Phearless Phase 1/2 study;
(iii) accordingly, the company had overstated BMN 307’s clinical and commercial prospects; and
(iv) as a result, the company’s public statements were materially false and misleading at all relevant times.
01/10/2022
The court issued an order appointing the lead plaintiff and lead counsel.
03/25/2022
This is a securities class action brought on behalf of all persons and entities who purchased or otherwise acquired BioMarin’s publicly traded common stock between November 14, 2019 and February 23, 2022.
Operative complaint
05/25/2022
A motion to dismiss was filed with the court.
On 01/19/2023, the court dismissed the complaint .
The court granted the defendants’ motion to dismiss the complaint.
On March 22, 2023, a NOTICE OF APPEAL to the 9th Circuit Court of Appeals was filed by Local 282 Pension Trust Fund and Local 282 Annuity Trust Fund.
Here, defendants argue, plaintiffs “fail to adequately identify the statements they challenge,” “fail to adequately plead any false or misleading statement,” and “fail to plead a strong inference of scienter.” (See Defs.’ Mot. to Dismiss (“Defs.’ Mot.”), at 11:4, 12:5 & 19:20, Dkt. No. 51.) As set forth below, the Court agrees.
Free File
Order on Motion to Dismiss
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