Dr. Reddy’s Laboratories has said that the United States District Court for the District of New Jersey has granted in part and denied in part its motion to dismiss a U.S. Securities Class Action Lawsuit.
On March 21, the court had issued its decision, dated March 20, “granting in part and denying in part our Motion to Dismiss. The court has dismissed [the] plaintiff’s claims with respect to 17 out of the 22 alleged misstatements,” the firm said in a filing. The company believes that the remaining claims of misstatements are without merit and intends to defend itself against them.
Filed in November 2017, the class action lawsuit had alleged violations of U.S. federal securities law by the company. It also sought damages to compensate the “purported class of investors for a purported decline in the company’s share price allegedly caused by the alleged misstatements or omissions,” according to Dr. Reddy’s.