Aug. 4, 2022, 7:49 PM
A securities fraud class action against Provention Bio Inc. was dismissed by a federal court in New Jersey Thursday because the company’s statements about its application to market a new Type I diabetes drug weren’t misleading.
Provention didn’t mention a “bridging study” during the class action period, and it had no duty to do so, the US District Court for the District of New Jersey said. The study was required by FDA to show that teplizumab made in the US was comparable to products made in Ireland that slowed down the progression of the disease.
Later company statements about the …