The Third Circuit has upheld dismissal of a New Jersey-based securities class action against a Pfizer subsidiary that allegedly kept secret the failings of an experimental Alzheimer’s disease treatment.

The plaintiffs fell short of making out claims that Wyeth Inc., in a joint venture with drugmaker Elan Corp., misled investors about the successfulness of the testing of the drug, bapineuzumab, by announcing that the process was advancing to the next stage.