Valeant Shareholders’ Individual Claims Revived by Third Circuit

Individual shareholders opting out of a proposed class action can sue Valeant Pharmaceuticals even though the two-year statute of limitations has run, the U.S. Court of Appeals for the Third Circuit said Wednesday, undoing a district court decision dismissing their complaint.

The Third Circuit joined the Second, Ninth, and Tenth Circuits on one side of a circuit split in holding that the tolling doctrine established by the U.S. Supreme Court in American Pipe & Constr. Co. v. Utah applies to an individual complaint that would otherwise be statutorily time-barred, regardless of whether the complaint is filed before or after a ...