Case Conclusion Date:June 11, 2008
Practice Area:Securities / Investment Fraud
Outcome:$50 million settlement
Description:After five years of hard-fought, contentious litigation, which included defeating defendants' motion to dismiss and prevailing on class certification, successfully secured a $50 million settlement from the Defendants. This amount represents one of largest settlements ever against a biotech company with regard to non-approval of one of its drugs by the U.S. Food and Drug Administration (“FDA”). Specifically, the Plaintiffs alleged that Transkaryotic Therapies, Inc. (“TKT”) and its CEO, Richard Selden, made misrepresentations and nondisclosures of material facts concerning TKT’s prospects for FDA approval of Replagal, TKT’s experimental enzyme replacement therapy for Fabry disease.