MINNEAPOLIS, May 15, 2007 LAWFUEL – The Law Newswire — Lockridge Grindal Nauen P.L.L.P. announces that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Amgen, Inc. (“Amgen”) (Nasdaq:AMGN) publicly traded securities during the period May 4, 2005 through May 10, 2007 (the “Class Period).
If you are a member of the proposed Class, you may move the court to serve as a lead plaintiff for the Class on or before June 18, 2007. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Amgen, a biotechnology company that makes and sells Epogen and Aranesp, drugs which encourage the creation of oxygen-carrying red blood cells, violated Federal Securities laws.
Specifically, it is alleged that Amgen marketed Aranesp and Epogen to doctors for off-label uses. As a result, Amgen sold several hundred million dollars worth of drugs each year for these off-label uses. In October 2006, a group of researchers stopped the progress of a clinical study of head and neck cancer patients treated with Aranesp because more deaths occurred in patients taking Aranesp than those taking a placebo. Amgen did not disclose those results to investors.
In February, 2007, a publication called The Cancer Letter, published an article about the results of the study and on March 9, 2007, the FDA mandated a warning regarding the off-label use of Aranesp and Epogen.
On May 8, 2007 in anticipation of an advisory panel meeting, the FDA issued a brief stating that in light of its findings, further modification to the labeling of ESAs may be appropriate. On May 10, 2007, an FDA outside panel of experts voted to expand warnings and require Amgen to conduct new studies to test the safety of ESAs. These events caused Amgen’s stock price to drop.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Lockridge Grindal Nauen P.L.L.P.. If you have questions about the lawsuit or would like to discuss it with an attorney, please call or e-mail:
Karen H. Riebel, Esq. ([email protected])
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401