March 04, 2016
On March 4, 2016, Weil achieved a decisive win for Sanofi, its wholly owned subsidiary Genzyme Corporation, and certain of their executives, in the U.S. Court of Appeals for the Second Circuit. In a 25-page opinion, the Second Circuit affirmed in its entirety the dismissal by the U.S. District Court for the Southern District of New York (Engelmayer, J.) of a securities fraud class action and a related case for securities fraud arising out of statements regarding the results of Phase 3 clinical trials for a multiple sclerosis drug and its prospects for FDA approval. Notably, the opinion is the first by the Second Circuit to address the U.S. Supreme Court’s recent, seminal Omnicare decision, which articulated the standard for securities fraud liability for allegedly misleading statements of opinion.