| FAQ/Help |
| Calendar |
| Search |
| Today's Posts |
04-19-2007, 05:03 AM
|
#1 | ||
|
|||
|
In Remembrance
|
This does not look good. ..p
Posted Apr. 18, 2007 Shareholders sue Amgen over anti-anemia drugs http://www.pbn.com/stories/24973.html By Susan A. Baird, PBN Web Editor Amgen Inc. is the subject of a class-action suit announced late yesterday by San Diego-based law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP. “We believe the allegations have no merit,” Amgen spokesman David Polk told Providence Business News in an e-mail this morning. The lawsuit, in U.S. District Court for the Central District of California, accuses the company and certain officers and directors of violating the U.S. Securities Exchange Act of 1934. It is being brought by investors who purchased Amgen shares between May 4, 2005, and March 9, 2007, Lerach Coughlin said. During that period, the complaint says, the company marketed its anti-anemia drugs Epogen and Aranesp for “off-label” uses, and sold hundreds of thousands dollars worth of the drugs each year for such uses. The drugs encourage the creation of red blood cells. But in October 2006, researchers found that Aranesp appeared to increase the death rate of patients in a cancer study, the complaint says. The results were reported in February 2007, and in March the FDA ordered Amgen to place “black box” warning about off-label uses on both Epogen and Aranesp. The news caused Amgen’s stock price to decline, Lerach Coughlin said. The complaint alleges that “defendants misrepresented or failed to disclose material facts,” thus harming investors who purchased Amgen shares “without knowledge of the misrepresented or omitted facts” before the research findings were disclosed. Additional information on the lawsuit is available at www.lerachlaw.com/cases/amgen/. Information about Amgen Inc. (Nasdaq: AMGN) and its products is available at www.amgen.com. --------------------- Liner Yankelevitz Investigates Possible Claims Relating to Amgen Inc.'s 401k Plan SAN FRANCISCO, April 18, 2007 (PRIME NEWSWIRE) -- Liner Yankelevitz Sunshine & Regenstreif LLP ("LYS&R") has commenced an investigation relating to Amgen Inc. ("Amgen" or the "Company") and potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The investigation focuses on investments in Amgen by the Amgen Retirement and Savings Plan (the "Plan"). LYS&R's investigation focuses on concerns that the Plan's fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan's participants. A breach may have occurred if the fiduciaries failed to prudently manage the Plan's assets, by among other things, offering Amgen stock as a Plan investment option, requiring participants to invest in the stock, and investing and holding Company contributions in the stock at a time when the stock was not a suitable and appropriate investment option. A breach also may have occurred if the fiduciaries withheld or concealed material information from the Plan's participants with respect to the Company's business, financial results and operations, thereby encouraging participants and beneficiaries to continue to make and maintain substantial investments of Company stock in the Plan. If you are a member of the Amgen Retirement and Savings Plan and purchased or held Amgen stock through the Plan, you may contact any member of our team toll free at (866) 620-6722, or via e-mail at classaction@linerlaw.com. Liner Yankelevitz Sunshine & Regenstreif LLP is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Rite-Aid and McKesson ERISA breach of fiduciary duty cases, among the first large-scale ERISA 401(k) cases filed. Visit our website at www.californiaclassaction.com. CONTACT: Liner Yankelevitz Sunshine & Regenstreif LLP Kim Zeldin Ronald S. Kravitz (866) 620-6722 classaction@linerlaw.com www.californiaclassaction.com
__________________
paula "Time is not neutral for those who have pd or for those who will get it." |
||
|
 Reply With Quote
|
| Reply |
|
|
Similar Threads
|
||||
| Thread | Forum | |||
| Amgen witholds from investors | Parkinson's Disease | |||
| Congress To Scrutinize AMGEN Drug? | Parkinson's Disease | |||
| Amgen | Parkinson's Disease | |||
| AMGEN is buying - in the news | Parkinson's Disease | |||
Amgen
Linear Mode
