Global biotechnology company Amgen Inc. has reached a $95 million settlement with investors over alleged misstatements about two of its anti-anemia drugs. The settlement class includes those who bought Amgen securities from April 22, 2004, through May 10, 2007. The case was filed in 2007 on behalf of Amgen securities purchasers who accused the company and four individuals of making misleading statements about the safety and marketing of anti-anemia drugs Aranesp and Epogen, including statements that were at odds with clinical studies.
The case has a long history, beginning with the initial suit alleging violations of the Securities Exchange Act filed by the Connecticut Retirement Plans and Trust Funds in 2007, which was then consolidated with several other putative class actions. Connecticut Retirement was named the lead Plaintiff.
Amgen appealed a 2009 class certification order that was upheld by the Ninth Circuit in 2011. Amgen then appealed that order to the U.S. Supreme Court, which ruled in Connecticut Retirement’s favor in April 2013. A second amended complaint was filed in 2014, which alleged that the price of Amgen securities was artificially inflated as a result of the misstatements about the drugs.
A settlement hearing before the court is scheduled for Aug. 8 in this case. It’s expected that the settlement will be approved by the court.
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