Thornhill's Disputes team has successfully defended Aldergate Pharmaceuticals against a shareholder claim relating to disclosures made ahead of a clinical trial announcement. The claim, brought by a group of institutional shareholders, alleged that the company had failed to disclose material information about trial results in a timely manner, resulting in an artificial share price movement.

Following a contested hearing, the tribunal found in Aldergate's favour on all counts, concluding that the company's disclosures had met the applicable regulatory standard at each relevant stage. The decision brings to a close proceedings that had been closely watched across the pharmaceuticals and life sciences sector, given the broader questions it raised about disclosure obligations connected to clinical trial data.

Charlotte Okafor, who led the defence, said: "This was a case that turned on a detailed and highly technical evidential record, and the outcome reflects the strength of the evidence Aldergate was able to put before the tribunal. We are pleased to have achieved a complete vindication for our client."