Philip Morris Beats Smoke-Free Clinical Trial Investor Suit (1)

Philip Morris International Inc. investors didn’t sufficiently allege the company misled them about clinical trials conducted in pursuit of FDA permission to sell a smoke-free electronic device, a New York federal judge said Tuesday.

Investors in a proposed class suit accused the tobacco manufacturer of misleading them about the results of clinical studies conducted on its device and presented to the Food and Drug Administration. But some of the statements “were in fact true” when Philip Morris made them, while others were inactionable puffery, opinion, or forward-looking statements, the U.S. District Court for the Southern District of New York said ...