Rosen Law Firm granted class cert in Aeterna Zentaris; defeats motion to dismiss in Wins Finance as two cases proceed

March 9, 2018

The Rosen Law Firm's aggressive shareholder advocacy was on display last week as it separately defeated a motion to dismiss and was granted a motion for class certification in two securities class actions.

In Desta v. Wins Finance Holdings Inc., et al., Case No. 2:17-cv-02983-CAS-AGR (C.D. Cal.), Judge Christina A. Snyder of the United States District Court for the Central District of California on March 1, 2018 denied Wins Finance Holdings’ motion to dismiss.  Judge Snyder found that Plaintiffs sufficiently pled that Wins Finance Holdings made false statements on its SEC filings in order to gain eligibility for the Russell 2000 Index.  The action now proceeds to discovery.  The Rosen Law Firm serves as Lead Counsel for Plaintiffs.

In Li v. Aeterna Zentaris, Inc., et al., Case No. 3:14-cv-07081-PGS-TJB (D.N.J.), Judge Peter G. Sheridan of the United States District Court for the District of New Jersey on March 1, 2018 granted Plaintiffs’ motion for class certification in the class action against Aeterna Zentaris Inc., AEZS-(NASDAQ). Headquartered in Charleston, S.C., Aeterna Zentaris is a biopharmaceutical company that develops drugs in the field of oncology and endocrine therapy. The company falsely touted in its SEC filings and press releases that its Phase 3 trial for Macrilen successfully demonstrated safety and efficacy.  Plaintiffs allege these statements were false and misleading because the Phase 3 trial was only successful if results from two patients were improperly removed, in violation of Aeterna's agreement with the FDA. The action now moves forward as a certified class action.  The Rosen Law Firm serves as Co-Lead Counsel for Plaintiffs.