Law360 Reports on Securities Suit Dismissal Against Client QRX Pharma
Law360 reported that Olshan client QRX Pharma, an Australian pharmaceutical company, has been acquitted in a class action lawsuit for violations of federal securities laws. The lawsuit filed in the United States alleged that QRX issued false and misleading public statements and omitted facts concerning the commercial prospects for its experiment drug, Moxduo made from morphine and oxycodone, while trying to attain drug approval from the U.S. Food and Drug Administration. U.S. District Jude Engelmayer dismissed the allegations that QRX Pharma and former CEO John Holaday committed securities fraud by stating that the investors wrongly identified 19 statements by QRX and Holaday as misleading. Olshan Litigation partner Ellen Holloman represented QRX Pharma in this matter.