AEterna Zentaris Inc. (AEZS)

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HUGE NEWS OUT! Aeterna Zentaris Announces Dismissal of Class Action Lawsuit
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Aeterna Zentaris Inc. (MM) (NASDAQ:AEZS)
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Today : Thursday 24 September 2015
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QUEBEC CITY, Sept. 24, 2015 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ: AEZS; TSX: AEZ) (the "Company"), announced today that the previously disclosed purported class action lawsuit filed against the Company and certain of its current and former officers (the "Defendants"), brought on behalf of shareholders of the Company in the United States District Court for the Southern District of New Jersey, has been dismissed with leave to amend. In dismissing the lawsuit, the Court stated that "taking the complaint as a whole, plaintiffs have failed to state a claim" under the Private Securities Litigation Reform Act of 1995 or Rule 9 of the Federal Rules of Civil Procedure. The plaintiffs have until October 14, 2015, to file an amended complaint or to appeal the Court's decision, if they determine to do so.

"We are pleased that the Court agreed with our view that the plaintiffs' claims were insufficient to support their allegations that the Defendants violated the federal securities laws", commented David Dodd, Chairman and Chief Executive Officer of Aeterna Zentaris. "We believe the plaintiffs will be unable to correct the deficiencies in their case by amending their complaint, if they decide to do so, because we are confident that their allegations are without merit. Likewise, we believe that an appeal of the Court's decision would be unsuccessful because the Court's analysis of the law and the complaint is sound", Mr. Dodd concluded.