Shareholders’ Use Of ‘Puzzle Pleading’ Did Not Meet Heightened Pleading Standard

Mealey's (February 15, 2023, 12:53 PM EST) -- NEW YORK — A federal judge in New York did not err in dismissing shareholder claims brought in a class action lawsuit against drug maker AstraZeneca PLC and certain of its senior officials stemming from allege misrepresentations the defendants made regarding clinical trial results for the company’s COVID-19 vaccine candidate because the shareholders’ use of “puzzle pleading” did not comply with the heightened pleading standard of the Private Securities Litigation Reform Act of 1995 (PSLRA), the defendants argue in an appellee brief filed in the Second Circuit U.S. Court of Appeals....