Portola Pharmaceuticals Beats ‘Confusing’ Investor Suit, For Now

Portola Pharmaceuticals Inc. is free of a would-be class action alleging its revenue, growth, and demand statements misled investors, but the plaintiffs can try to fix the complaint sections that fell short, a federal judge in California said.

The investors’ “lengthy, repetitious, and confusing” complaint didn’t explain how the biopharmaceutical company’s statements “support the plaintiffs’ theory of securities fraud,” the U.S. District Court for the Northern District of California said. Portola is now known as Alexion Pharmaceuticals Inc. after a 2020 merger.

Some of the allegations rely “heavily” on an exhibit “without fully describing what the numbers in ...