BOSTON, Jan. 4, 2006 – The federal district court in Boston recently dismissed – with prejudice and in its entirety – securities class action litigation that had been filed against our client Alkermes Inc., a pharmaceutical company that develops products based on sophisticated drug delivery technologies to enhance therapeutic outcomes in major diseases.
The class action suit alleged misstatements by Alkermes regarding a new drug application filed with the U.S. Food and Drug Administration (FDA) for approval of RISPERDAL CONSTA, which the FDA approved in 2003. Alkermes and the individual defendants filed a motion seeking dismissal of the litigation on numerous legal grounds, and the Court referred that motion to a magistrate judge for issuance of a report and recommendation as to disposition of the motion. In early October 2005, a federal magistrate judge recommended that Alkermes' motion be granted and that the litigation be dismissed in its entirety. After that ruling was issued, plaintiffs' counsel agreed to drop the class action lawsuit in its entirety and with prejudice. On October 27, 2005, the Court entered an order throwing the litigation out, with prejudice, as provided in that agreement. No settlement monies were required to be paid by any of the defendants.
Goodwin Procter represented Alkermes in this litigation, led by senior partner Brian Pastuszenski.