Judge Kenneth Karas
Perez holds an advanced degrees in organic chemistry. He worked for 11 years as a chemist at pharmaceutical firms before biotechnology firm Progenics hired him, in 2004, as its Senior Manager of Pharmaceutical Chemistry. The court denied Progenics judgment in Perez's suit alleging that his 2008 firing—allegedly in retaliation for his memorandum regarding an allegedly fraudulent May 2008 press release about the medication Relistor (jointly developed by Progenics and Wyeth Pharmaceuticals Division)—violated the Sarbanes-Oxley Act. In light of his training, education and experience, a reasonable jury could find it reasonable for Perez to rely on conversations with colleagues, his review of certain Wyeth materials and his own work to form his belief that the subject May 2008 press release was "misleading." Also, because he apparently lacked knowledge or training in securities law, a jury could find it reasonable for Perez to conclude that the subject press release could be securities fraud, or a violation of an SEC rule or regulation or a law relating to fraud against shareholders. Drawing reasonable inferences in Perez's favor, the court further determined that a reasonable jury could find his protected activity a contributing factor to his termination.
