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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
08/27/201520:00:00FDA Approves Amgen's Cholesterol-Lowering Drug Repatha -- Update
08/27/201519:20:00FDA Approves New Amgen Cholesterol Drug
08/27/201518:40:00FDA Approves Amgen's Repatha Cholesterol Drug
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08/25/201509:32:00Amgen Files for U.S. Approval of Therapy for Dialysis Patients
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08/25/201509:00:00Amgen Submits New Drug Application For Novel Intravenous Calcimimetic...
08/20/201517:59:39Statement of Changes in Beneficial Ownership (4)
08/18/201514:40:00Amgen Reaches $71 Million Settlement With States
08/18/201514:25:00Amgen Reaches $71 Million Settlement With States Related to Promotion...
08/18/201513:01:00Press Release: AG Jepsen: Connecticut Joins $71 Million Multistate...
08/18/201512:47:00Press Release: Amgen to Pay $71 Million for Improper Drug Marketing...
08/18/201509:00:00Amgen And University Of California, Berkeley Announce Multi-Year...
08/06/201517:22:58Amended Quarterly Report (10-q/a)
08/06/201516:49:23Statement of Changes in Beneficial Ownership (4)
08/06/201508:51:21India Shares Edge Higher
08/05/201506:17:16Quarterly Report (10-q)
08/04/201518:45:24Statement of Changes in Beneficial Ownership (4)

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