NEW YORK (Reuters) – Quincy Bioscience failed to dismiss a lawsuit in which the Federal Trade Commission and New York attorney general said it deceptively marketed the dietary supplement Prevagen by claiming it improved memory despite a lack of scientific evidence.
In a decision released on Thursday, U.S. District Judge Louis Stanton in Manhattan rejected Quincy’s claim that the FTC exceeded its powers in bringing the January 2017 lawsuit because it lacked a quorum of commissioners to decide whether to sue.
Stanton also said he had jurisdiction to hear claims against Quincy’s co-founders and largest shareholders – president Mark Underwood and former president and current chief executive Michael Beaman.
He nonetheless dismissed claims against Beaman, finding a lack of evidence that he knew about or took part in any deception, but said the regulators may yet refile those claims.
Lawyers for Quincy, Underwood and Beaman declined to comment. Neither the FTC nor the office of New…
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