The U.S. Supreme Court Grants Matrixx Initiatives’s Petition For Writ Of Certiorari In Appeal Of Securities Class Action Lawsuit Pending Against Matrixx Initiatives, Inc. Over Alleged Nondisclosure of Zicam “Adverse Event” Reports.
The Supreme Court of the United States issued an order in the Matrixx Initiatives Zicam securities class action lawsuit (styled Matrixx Initiatives et al. vs. James Siracusano et al.) granting Matrixx Initiatives’s petition for a writ of certiorari, according to class action lawsuit news reports.
The plaintiffs in the Matrixx Initiatives Zicam securities class action lawsuit brought a class action securities fraud lawsuit reportedly alleging that Matrixx Initiatives and certain Matrixx executives misled investors about whether the Matrixx nasal cold remedy Zicam caused anosmia (i.e., a loss of smell) in patients.
The U.S. District Court for the District of Arizona reportedly granted Matrixx’s motion to dismiss the class action lawsuit complaint in March 2006. The U.S. Circuit Court of Appeals for the Ninth Circuit issued an opinion reversing the district court’s decision, overturning the motion to dismiss the Zicam securities class action lawsuit complaint.
According to class action lawsuit news reports, the issue on appeal is whether a plaintiff can state a claim under § 10(b) of the Securities Exchange Act and SEC Rule 10b-5 based on a pharmaceutical company’s alleged nondisclosure of “adverse event” reports even though the reports are not alleged to be “statistically significant.”
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