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Supreme Court to Hear Amgen Challenge to Suit

WASHINGTON--The U.S. Supreme Court said Monday it will consider Amgen Inc.'s (AMGN) challenge to a securities lawsuit alleging the biotech company downplayed safety concerns about two drugs used to treat anemia. The suit, brought by Connecticut pension funds on behalf of purchasers of Amgen stock, alleged the Thousand Oaks, Calif., company repeatedly reassured investors about the safety of anti-anemia drugs Aranesp and Epogen even as clinical trial data raised concerns that the drugs could harm cancer patients who were taking them. Amgen's statements led to inflated share prices, the suit alleged. The lawsuit alleged the misrepresentations took place from April 2004 through May 10, 2007, a day when Amgen's shares dropped more than 9% after a Food and Drug Administration panel expressed concerns about the drugs and recommended new limits on patient use. Amgen is seeking to overturn a lower-court ruling that certified the lawsuit to proceed as a class action. The company said the plaintiffs couldn't show that the alleged misrepresentations had a material effect on the price of Amgen shares. The market had readily available access to the safety information that Amgen allegedly downplayed, the company said. At issue before the Supreme Court is whether securities plaintiffs, before being allowed to proceed with a class action lawsuit, have to demonstrate that a company's alleged misrepresentations materially affected share prices. Amgen argued that companies need to be able to defeat weak lawsuits at early stages of the proceedings. Otherwise, companies will feel financial pressures to settle cases even when they think they have a strong defense, Amgen said. The case is Amgen v. Connecticut Retirement Plans and Trust Funds, 11-1085. The Supreme Court is expected to hear oral arguments in the fall. Write to Brent Kendall at brent.kendall@dowjones.com

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
02/21/201716:00:00Repatha® (Evolocumab) Receives European Commission Approval...
02/14/201718:12:25Automatic Shelf Registration Statement of Securities of Well-known...
02/14/201717:07:24Annual Report (10-k)
02/14/201710:47:10Statement of Ownership (sc 13g)
02/14/201709:00:00Amgen Submits Supplemental Biologics License Application For...
02/13/201716:41:37Amended Statement of Ownership (sc 13g/a)
02/09/201712:01:10Amended Statement of Ownership (sc 13g/a)
02/08/201719:32:00Appeals Court Allows Sanofi, Regeneron to Continue Selling Cholesterol...
02/07/201718:13:00FDA Approves Amgen's Parsabiv™ (Etelcalcetide), First New Treatment I...
02/03/201717:08:12Current Report Filing (8-k)
02/03/201716:04:00Amgen Announces Appointment of Charles M. Holley Jr. to Board...
02/03/201712:59:00Good News for Amgen Is God News for Biotech
02/02/201719:20:00Correction to Amgen Repatha Story
02/02/201718:54:30Statement of Changes in Beneficial Ownership (4)
02/02/201718:48:51Statement of Changes in Beneficial Ownership (4)
02/02/201717:07:00Amgen Sees Positive Results in Repatha Study -- 2nd Update
02/02/201717:02:00Amgen Sees Positive Results in Repatha Study
02/02/201716:56:39Current Report Filing (8-k)
02/02/201716:36:00Amgen's Profit Rises on Improved Margins, Steady Top-line Growth
02/02/201716:20:00Amgen Reports Fourth Quarter And Full Year 2016 Financial Results

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