Amgen to Pay $95M in Class Action Securities Settlement
July 20, 2016
Thomas A. Dubbs responds to settlement against biopharmaceutical company over misleading statements about their products
Global biotechnology company Amgen Inc. has reached a $95 million settlement with investors over alleged misstatements about two of its anti-anemia drugs, according to settlement documents filed in California federal court, bringing nearly a decade of class action litigation to a close.
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.
"After overcoming several obstacles spanning many years of litigation, we are glad to conclude this matter and secure a favorable settlement for the class," said Labaton Sucharow partner Thomas A. Dubbs, who represented the plaintiffs.