On August 20, 2025, the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of a putative class action asserting claims under the Securities Exchange Act of 1934 against a pharmaceutical company and certain of its executives. Sneed v. Talphera, Inc. , —F.4th—, 2025 WL 2406424 (9th Cir. 2025). Plaintiffs alleged the company’s marketing slogan for a medication was misleading because the slogan supposedly failed to disclose all the steps for administering the medication. The Ninth Circuit affirmed the dismissal of the action, holding that plaintiffs failed to adequately allege falsity and scienter.

Plaintiffs’ allegations centered on statements made by the company emphasizing that the medication could be administered orally, as opposed to intravenously—in particular

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