Case # 35550
Theratechnologies inc., et al. v. 121851 Canada inc. (December 1, 2014)
In May 2010 the U.S. Food and Drug Administration published information on its site about new drugs awaiting approval. In the case of Tesamorelin, developed by Theratechnologies, the article referred to some questions and objections raised by the FDA. The information attracted the attention of stock market rating companies like Bloomberg, Dow Jones and Thomson Reuters. The rating companies expressed their reservations at the drug in a press release. Following this the stock dropped precipitously. Subsequently, however, the FDA approved the drug and the stock returned to its previous level. The class action was authorized against the appellant on the basis it failed to disclose questions the FDA had posed about the drug.