West Palm Beach (HedgeCo.net) – Federal Judge Stanley R. Chesler of the Federal District Court of New Jersey, Friday threw out a Canadian pharmaceutical company shareholder lawsuit against a group of hedge funds including SAC Capital Advisors LP.<\/p>\n
The Judge dismissed the lawsuit, saying "The conduct is so egregious, and the futility of imposing alternate sanctions is so clear, that dismissal is the only appropriate sanction." <\/p>\n
Apparently the shareholders had violated a New York judge’s order sealing documents in a related Biovail case.<\/p>\n
"The record before the court suggests that these proceedings and the RICO action proceedings were all part of a choreographed strategy by Biovail and its attorneys designed to constitute a counterattack against the Biovail securities action," the Judge wrote. <\/p>\n
"We are gratified that the court has seen through this charade and has dismissed the case," A spokesman for SAC said.<\/p>\n
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