Appeals court vacates class certification in Filana Therapeutics securities lawsuit
FLNA•The Fifth Circuit vacated class certification in a securities lawsuit against Filana Therapeutics and certain officers and employees. The case returns to the U.S. District Court for the Western District of Texas; the ruling did not decide whether Filana securities traded in an efficient market.
1. Certification vacated
The Fifth Circuit on Oct. 16, 2026, vacated class certification in a securities lawsuit against Filana Therapeutics and certain officers and employees. The class covered purchasers or acquirers of the company's securities from Sept. 14, 2020, through Oct. 12, 2023.
2. Case returns to district court
The appeals court found that the district court had failed to evaluate evidence about market inefficiency or properly consider arguments about meme-stock dynamics. The ruling did not determine whether the securities traded in an efficient or inefficient market, and class certification proceedings will return to the U.S. District Court for the Western District of Texas.
