District Court Dismisses Securities Class Action Against Seattle Genetics
On May 24, 2018, the U.S. District Court for the Western District of Washington granted defendant Seattle Genetics' motion to dismiss with prejudice a securities class action filed against the company following the announcement of an FDA-required clinical hold of trials for a drug meant to treat acute myeloid leukemia. Wilson Sonsini Goodrich & Rosati represented Seattle Genetics in the matter.
A federal judge dismissed the previous version of the case in October 2017, saying that the plaintiffs did not adequately allege that the defendants acted with scienter, or awareness of the wrongful nature of their actions.
The WSGR team that advised Seattle Genetics in the matter was led by partners Barry Kaplan and Greg Watts, and included associates Elon Slutsky and Chris Petroni, and paralegals Diana Lopez and Naomi Pierce.
For more information, please see the court's opinion.