AstraZeneca beats US shareholder lawsuit over COVID vaccine disclosures
US District Judge Paul Oetken said AstraZeneca and its executives had no "generalized duty" to disclose "negative facts" about the trials.;
New York: AstraZeneca Plc on Monday won the dismissal of a U.S. shareholder lawsuit claiming that it concealed problems in developing its COVID-19 vaccine, making it unlikely the treatment would win regulatory approval in the United States.
U.S. District Judge Paul Oetken in Manhattan said AstraZeneca shareholders in the proposed class action failed to identify any misleading statements, or adequately allege that the Britain-based company intended to defraud them.
Shareholders said the price of AstraZeneca's American depositary shares fell in late 2020 and early 2021 as it became clear that clinical trials for its vaccine had been "hamstrung" by design and execution flaws and poor communications with regulators and the public.
The shareholders said the failures included giving some participants half the designed dosages, not testing enough people over age 55, and allowing subtle differences among patient subgroups that undermined the validity of any findings.
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