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NEW JERSEY CARPENTERS PENSION v. BIOGEN IDEC INC.

No. 07-2626.

537 F.3d 35 (2008)

NEW JERSEY CARPENTERS PENSION & ANNUITY FUNDS; Folksam Asset Management; Third Millennium Trading LLP; Deerfield Beach Non-Uniformed Municipal Employees Retirement Plan; Plumbers and Pipefitters Local No. 520 Pension Fund; Horatio Capital LLC, Plaintiffs, Appellants, Charles Brown, Individually and on Behalf of all others Similarly Situated; Rochelle Lobel; Biogen Institutional Investor Group; London Pensions Fund Authority; National Elevator Industry Pension Fund; Cary Grill, Individually and on Behalf of all others Similarly Situated, Plaintiffs, v. BIOGEN IDEC INC.; William Rastetter; James Mullen; Burt Adelman; Thomas Bucknum; Peter N. Kellogg; William Rohn, Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided August 7, 2008.

Attorney(s) appearing for the Case

Vincent R. Cappucci with whom Stephen D. Oestreich, Robert N. Cappucci, Shannon L. Hopkins, Entwistle & Cappucci LLP, Sanford P. Dumain, Richard H. Weiss, Milberg Weiss LLP, Nancy Freeman Gans, and Moulton & Gans, PC were on brief for appellants.

James R. Carroll with whom Matthew J. Matule, Michael S. Hines, and Skadden, Arps, Slate, Meagher & Flom LLP were on brief for Biogen Idec Inc., William Rastetter, James Mullen, Burt Adelman, Peter N. Kellogg, and William Rohn.

Mark A. Berthiaume with whom Timothy E. Maguire and Greenberg Traurig LLP were on brief for Thomas Bucknum.

Before LYNCH, Chief Judge, TORRUELLA, Circuit Judge, and STAFFORD, District Judge.

LYNCH, Chief Judge.

In this securities case, a drug company, Biogen Idec Inc., conducted clinical trials and received accelerated FDA approval for TYSABRI, a promising new drug for multiple sclerosis and similar autoimmune diseases. The price of the company stock increased as FDA approval was sought and granted. Less than three months after the approval, on February 18, 2005, continuing clinical trials of the drug revealed that two patients had contracted a type of...

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