A federal appeals court on Monday revived part of a potential securities-fraud class action that investors filed against NewLink Genetics after its proposed pancreatic cancer therapy flopped in late-stage trials in 2016, sending shares tumbling 30 percent.
The decision by the 2nd U.S. Circuit Court of Appeals was not a complete loss for NewLink and its lawyers at Cooley. The three-judge panel affirmed that most of NewLink’s statements about its immunotherapy, named HyperAcute Pancreas, were “mere puffery” or “generic, indefinite statements of corporate optimism.”
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