Fifth Circuit vacates class certification in Filana securities suit, sends case back to Texas district court

FILANA THERAPEUTICS, INC.

• Fifth Circuit on Oct 16, 2026 vacated the Western District of Texas order granting class certification against Filana Therapeutics and named officers and employees.
• Class had covered all purchasers of Filana securities from September 14, 2020 through October 12, 2023; certification proceedings now proceed on remand.
• Appeals court held the district court misapplied the legal standard, failing to weigh market-inefficiency evidence and improperly rejecting the meme-stock argument.
• Fifth Circuit made no judgment on whether Filana's securities traded in an efficient or inefficient market; no damages figure or settlement disclosed.
• Company had won the right to an interlocutory appeal in October 2025; CFO Eric J. Schoen signed the filing.