The U.S. Court of Appeals for the First Circuit affirmed a lower court’s dismissal of investors’ securities fraud claims against Biogen, except in regard to a statement about an Alzheimer drug’s dose-response relationship.

Plaintiffs Nadia Shash and Amjad Khan brought a securities fraud class action against Biogen Inc., and former-upper-level executives Michael Vounatsos, Alfred W. Sandrock Jr. and Samantha Budd Haeberlein, contending that Biogen violated Sections 10(B) and 20(a) of the Securities Exchange Act by concealing data that would have established their statements regarding its Alzheimer’s drug’s clinical trials were misleading.