On behalf of Aquestive Therapeutics, Inc. and certain of its current and former directors and officers, Skadden secured the dismissal of a shareholder derivative action relating to an earlier-filed securities action in connection with Libervant, a drug Aquestive was developing to treat epileptic cluster seizures.
The plaintiffs in the securities action asserted violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that the defendants made false and misleading statements about the likelihood of FDA approval of its new drug application for Libervant.
In March 2023, the court granted Skadden’s motion to dismiss the securities action, and, shortly thereafter, Skadden secured another stipulation of dismissal with the derivative plaintiffs, which was then so-ordered by the court, terminating the case.
