Ropes & Gray Adds to Line of Life Sciences Securities Litigation Victories, Secures Third Circuit Victory for Columbia Laboratories
A Ropes & Gray business and securities litigation team won a Third Circuit Court of Appeals decision that affirmed the dismissal of a securities fraud class action against the firm’s client Columbia Laboratories, Inc. and two of its officers. A Ropes & Gray litigation team had previously secured dismissal of the plaintiff’s second amended complaint in the District of New Jersey.
This victory is the latest in a line of cases the firm has successfully litigated for life sciences companies accused of making insufficient disclosures about their interactions with the FDA. The opinion corroborates the view that day-to-day interactions with the agency are not required to be disclosed, and regulated companies retain the right to advocate their position before the FDA without contemporaneous public disclosure of the debate. The opinion is also significant because it is the first such holding by the Third Circuit, which covers Delaware, New Jersey, and Pennsylvania, where a host of life science companies are based.
The Boston-based Ropes & Gray team was led by business & securities litigation partner John Donovan.