U.S. District Judge James Lawrence King has denied class certification of a $226 million lawsuit brought by employees of Stiefel Laboratories who alleged the company and its executives significantly undervalued its stock and induced employees to sell their stock back to it prior to announcing a secretly planned sale of the company.
The class action lawsuit was filed in the Southern District of Florida on July 6, 2009, by 242 employees of Stiefel.
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