Kogan
Kogan Ex Rel. Ligand Pharmaceuticals Inc. v. Robinson
Opinion
Opinion
Sabraw, J.
ORDER GRANTING DEFENDANTS’ MOTION TO DISMISS
Defendants move to dismiss this action on grounds that Plaintiff may not pursue a private right of action under Section 304 of the Sarbanes-Oxley Act of 2002. Because Section 304 neither expressly nor implicitly confers a private right of action, the Court grants Defendants’ motion to dismiss, declines to exercise supplemental jurisdiction over Plaintiffs state law claim, and dismisses the action.
I.
BACKGROUND
Plaintiff Michael Kogan (“Plaintiff’), derivatively on behalf of Ligand Pharmaceuticals Incorporated (“Ligand”), filed the present Complaint on October 11, 2005, against Defendants David E. Robinson, Paul V. Maier, James L. L’ltalien, William A. Pettit, Alexander D. Cross, Irving S. Johnson, Michael A. Roeca, Henry F. Blissenbach, John Groom, John W. Koza-rich, Carl C. Peck, and Nominal Defendant Ligand. Plaintiff is an individual shareholder of Ligand, and the individual Defendants are directors and top officers of Ligand. (Compl. at 3-7.)
Ligand is a Delaware corporation with headquarters in San Diego. (Id. at 3.) It develops and markets drugs in the areas of cancer, hormone-related health issues, skin diseases, pain,…