A Ropes & Gray litigation team won the dismissal of a securities class action suit for Columbia Laboratories (Columbia) in the United States District Court, District of New Jersey on June 11. The suit claimed that Columbia misled investors about the results of a clinical trial for its drug PROCHIEVE® progesterone vaginal gel, and that this violated Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5. The plaintiffs also alleged control person liability under Section 20 of the Exchange Act against five individual defendants from the Company.The Boston-based business & securities litigation team was led by partner John Donovan and included associate Tom Brown. Columbia is a publicly traded specialty pharmaceutical company with a successful history of developing proprietary products for women’s health indications.
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