Flamel shares rise after lawsuit tossed out
NEW YORK (AP) — Shares of Flamel Technologies SA rose Friday on news that a judge dismissed a class action suit against the French pharmaceutical company.
Flamel said a U.S. District Court judge in New York issued a summary judgment on March 8, throwing out the lawsuit against the company and its former CEO.
The company, based in Lyon, France, develops and makes specialty drugs. The lawsuit was first filed in 2007, according to a statement from Flamel. The suit argued that Flamel broke securities rules and made false claims about its treatment for heart failure and high blood pressure, Coreg CR. The plaintiffs said the misleading statements artificially inflated the company's stock price.
Flamel rose 11 cents, or 2.5 percent, to $4.41 in afternoon trading. Its American depositary shares have traded between $2.85 and $5.78 over the past 52 weeks.