Filana Therapeutics wins vacatur of class certification by 5th Circuit; case remanded
Filana Therapeutics won a vacatur of class certification in a securities suit by the Fifth Circuit, which found the Texas District Court misapplied legal standards. The case was remanded for further proceedings, with the appellate panel noting market inefficiency and meme-stock dynamics were not adequately considered. According to the Fifth Circuit, the district court did not properly evaluate evidence. Filana Therapeutics (FLNA) is the subject company.
