Gilead Says Shareholders Lack Basis to Demand Records on Truvada

Gilead Sciences Inc. fought back against stockholders seeking records to probe allegations involving the biopharmaceutical company’s HIV prevention drug Truvada, arguing the “lawyer-driven’ demands offered only “unsubstantiated allegations” of wrongdoing.

“There’s not a shred of evidence here, just allegations,” Gilead’s attorney, Brian C. Ralston of Potter Anderson & Corroon LLP, said Tuesday during a trial in Delaware’s Court of Chancery. “The suggestion that Gilead has taken actions to harm HIV patients is frankly offensive,” he said.

Investors countered that they have a “credible basis” to suspect the company of wrongdoing.

They include allegations of antitrust violations such as collusion with ...