SCHMIDT v. SKOLAS

No. 13-3750.

770 F.3d 241 (2014)

Alan W. SCHMIDT, on behalf of himself and in a representative capacity on behalf of all others similarly situated and derivatively on behalf of Genaera Corporation, Appellant v. John A. SKOLAS; Leanne Kelly; John L. Armstrong, Jr.; Zola B. Horovitz, Ph. D.; Osagie O. Imasogie; Mitchell D. Kaye; Robert F. Shapiro; Paul K. Wotton; Robert Deluccia; David Luci; Steve Rouhandeh; Jeffrey Davis; Mark Alvino; Genaera Liquidating Trust; Biotechnology Value Fund, Inc.; Ligand Pharmaceuticals, Inc.; Xmark Capital Partners, LLC; Argyce LLC; Ohr Pharmaceuticals; John L. Higgins; Genaera Corporation; SCO Financial Group; Dipexium Pharmaceuticals, LLC; Macrochem Corporation; Access Pharmaceuticals, Inc.; Mark N. Lampert.

United States Court of Appeals, Third Circuit.

Opinion Filed: October 17, 2014.


Attorney(s) appearing for the Case

Howard J. Bashman, Esq. , (argued), Willow Grove, PA, Lee Squitieri, Esq. , Squitieri & Fearon, LLP, New York, NY, for Appellant.

Katherine U. Davis, Esq. , Carolyn E. Isaac, Esq. , Michael L. Kichline, Esq. , (argued), Dechert LLP, Christopher M. Guth, Esq. , Blank Rome LLP, Amy C. Lachowicz, Esq. , Joseph E. Vaughan, Esq. , O'Hagan LLC, John S. Summers, Esq. , Robert A. Wiygul, Esq. , Hangley, Aronchick, Segal, Pudlin & Schiller, Joshua N. Ruby, Esq. , Jeffrey G. Weil, Esq. , (argued), Cozen O'Connor, Paul G. Nofer, Esq. , Klehr Harrison Harvey Branzburg LLP, Philadelphia, PA, Donald A. Corbett, Esq. , Richard C. Wolter, Esq. , Lowenstein Sandler LLP, Joseph P. Dever, Jr., Esq. , Tamar S. Wise, Esq. , Cozen O'Connor, New York, NY, Denean K. Sturino, Esq. O'Hagan LLC, Chicago, IL, Michael D. Blanchard, Esq., (argued), Christopher M. Wasil, Esq. , Bingham McCutchen, Hartford, CT, Jordan D. Hershman, Esq. , Bingham McCutchen, Boston, MA, John T. Ryan, Esq. , (argued), Stephanie Grace, Esq. , Colleen C. Smith, Esq. , Latham & Watkins LLP, San Diego, CA, for Appellees.

Before: RENDELL, GREENAWAY, JR. and SLOVITER, Circuit Judges.


OPINION

SLOVITER, Circuit Judge.

Alan Schmidt, a former shareholder in the now-defunct Genaera Corporation ("Genaera"), appeals from the District Court order dismissing his complaint on statute of limitations grounds. Genaera was a biotechnology company that dissolved in June 2009 and liquidated its assets. On June 8, 2012, Schmidt brought suit in the United States District Court for the Eastern District of Pennsylvania on behalf of himself and all other...

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