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IN RE NEKTAR THERAPEUTICS SECURITIES LITIGATION

No. 21-15170.

34 F.4th 828 (2022)

IN RE NEKTAR THERAPEUTICS SECURITIES LITIGATION, Oklahoma Firefighters Pension and Retirement System; El Paso Firemen & Policemens Pension Fund, Lead Plaintiffs, Plaintiffs-Appellants, v. Nektar Therapeutics; Howard W. Robin; Stephen K. Doberstein; Jonathan Zalevsky, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed May 19, 2022.

Attorney(s) appearing for the Case

Alec T. Coquin (argued), Michael P. Canty , and Thomas G. Hoffman Jr. , Labaton Sucharow LLP, New York, New York; James M. Wagstaffe , Wagstaffe von Loewenfeldt Busch & Radwick LLP, San Francisco, California; for Plaintiffs-Appellants.

Robin Wechkin (argued), Sidley Austin LLP, Issaquah, Washington; Sara B. Brody and Zarine S. Alam , Sidley Austin LLP, San Francisco, California; Matthew J. Dolan , Sidley Austin LLP, Palo Alto, California; for Defendants-Appellees.

Before: Milan D. Smith, Jr., Kenneth K. Lee, and Danielle J. Forrest, Circuit Judges.

OPINION

Experimental drug candidates do not always live up to their potential, even if initial clinical trials yield highly promising results. But, as this case illustrates, that does not mean that a pharmaceutical company has defrauded the investing public.

In 2017, Nektar Therapeutics touted the results from...

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