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Restrictive View of 10b-5 Statute of Limitations Prevails

By Mark H. Astarita, Esq.

Law.com - Judge Finds Securities Lawsuit Over Zyprexa Is Time-BarredJudge Jack B. Weinstein, in the federal district court in New York, dismissed a securities class action case against Eli Lilly and Company that challenged the drug manufacturer's alleged misrepresentations about the anti-psychotic drug Zyprexa, holding that the plaintiffs failed to file their suit within the statute of limitations.Judge Weinstein rules that the plaintiffs The "reasonably should have known" that they sustained damages because of Eli Lilly's purported fraud more than two years before filing the suit.Federal securities laws claims have a two part statute of limitations - 5 years from the event or 2 years after the discovery of the facts constituting the violation...continue to full post

Full post as published by SECLaw.com on May 01, 2008 (boomark / email).