Maxim Pharmaceuticals Case Dismissed

Maxim Pharmaceuticals, Inc. (Nasdaq: MAXM) has announced the dismissal, with prejudice, of the securities class action pending against the company in the S.D. of Cal. The plaintiffs had alleged that Maxim made false and misleading statements in 1999 and 2000 concerning the efficacy and clinical trial results of a cancer drug it was developing. The court had already dismissed two earlier complaints and based this dismissal on the failure to adequately plead scienter. The Securities Litigation Watch has a post on the case and has linked to the court’s order.