With few exceptions all public listed companies that end up with a securities class action case against them have hedged by either a safe harbor statement or they think be the nature of the words used.
A proper case rests on omissions or misstatements, say like previous statements and a SEC filling declaring all endpoints met and then a later disclosure that reveals that wasn't the case. Safe harbor is not a universal get out jail voucher!
I am not saying there will be a crappy readout from EXCELLENCE or that the P2b/3 trial doesn't lead to AA, whether or not all endpoints were met. If neither succeed in getting an NDA accepted, a more or less solid case will likely be filed and prosecuted. I hope not, but it does seem to me there is not a zero chance of a compliant being filed. If so we into the roughly 60% dismissed chance versus in most succesful cases a settlement before a verdict.
Market Data 
Markets 
AI
