||United States District Court for the Northern District of California
||The Hon. Jon S. Tigar
||Between February 26, 2015 and August 7, 2017
On August 18, 2017, the initial complaint in this securities class action was filed against Depomed, Inc. (“Depomed” or the “Company”), and certain of Depomed’s directors, officers and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleges that throughout the class period, defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Depomed engaged in questionable practices in connection with the sales and marketing of the Company’s opioid products; (ii) the foregoing conduct, when it became known, would likely subject the Company to heightened legal and regulatory scrutiny; and (iii) as a result, Depomed’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On March 11, 2020, the Court granted defendants’ Motion to Dismiss. On April 9, 2020, Plaintiffs filed an appeal with the United States Court of Appeals for the Ninth Circuit. This action is still ongoing.
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