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Fifth Circuit vacates class certification in securities fraud lawsuit against Filana Therapeutics
FLNAFilana Therapeutics, Inc.
The United States Court of Appeals for the Fifth Circuit vacated a lower court order granting class certification in a pending securities class action against Filana Therapeutics, Inc. and certain officers. The appellate court ruled that the Texas District Court misapplied the legal standard by failing to evaluate evidence of market inefficiency and improperly rejecting arguments regarding meme-stock dynamics during the relevant period. Further proceedings on remand will determine if the case proceeds as a class action. Filana Therapeutics is a clinical-stage biotechnology company focused on developing treatments for rare diseases.