Case Page

 

Case Status:    SETTLED
On or around 02/02/2015 (Date of order of final judgment)

Filing Date: March 18, 2010

According to the complaint, filed March 18, 2010, on or about January 21, 2010, the Registration Statement (the "Registration Statement") with respect to the Secondary Offering became effective and 3.6 million shares of AMAG common stock were sold to the public at $48.25 per share, thereby raising more than $173 million.

The complaint alleges that the Registration Statement failed to disclose that users of the Company's primary drug, Feraheme, had suffered adverse reactions, some requiring hospitalization. On February 4, 2010, Carol Werther, a Summer Street analyst downgraded AMAG from buy to neutral. In a note to clients she wrote, "We are aware of several patients hospitalized with anaphylactiod reactions to Feraheme. We are aware of one death that may or may not be directly related to Feraheme." On disclosure of this news, AMAG's stock fell over $7.00 per share to close at $38.12 per share.

On July 27, 2010, Judge Nathaniel M. Gorton signed the Order appointing the AMAG Investor Group as lead plaintiff and approving Abraham, Fruchter & Twersky, LLP as lead counsel and Pyle Rome Ehrenberg PC as liaison counsel. On September 15, 2010, the lead plaintiff filed an Amended Class Action Complaint, adding certain company directors as named defendants. The plaintiff a Second Amended Class Action Complaint on December 17, 2010, naming the company underwriters as named defendants. The defendants responded by filing a motion to dismiss the Second Amended Class Action Complaint. On August 15, 2011, the motions to dismiss were allowed, and the case is dismissed.

On September 14, 2011, the plaintiff filed a Notice of Appeal. On February 4, 2013, the United States Court of Appels for the First Circuit vacated the district court's judgment and remanded for further proceedings.

On September 12, 2014, the partied entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on October 2. On January 30, 2015, the Court granted Final Approval of the Settlement and ordered this case dismissed with prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AMAG
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 10-CV-10470
JUDGE: Hon. Nathaniel M. Gorton
DATE FILED: 03/18/2010
CLASS PERIOD START: 01/21/2010
CLASS PERIOD END: 03/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Pyle, Rome, Lichten & Ehrenberg, P.C.
    18 Tremont Street, Suite 500, Pyle, Rome, Lichten & Ehrenberg, P.C. , MA 02108
    617-367-7200 617-367-4820 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 10-CV-10470
JUDGE: Hon. Nathaniel M. Gorton
DATE FILED: 12/17/2010
CLASS PERIOD START: 01/19/2010
CLASS PERIOD END: 03/01/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Abraham, Fruchter & Twersky (San Diego)
    12526 High Bluff Drive, Suite 300, Abraham, Fruchter & Twersky (San Diego), CA 92130
    858.792.3448 858.792.3448 ·
No Document Title Filing Date
No Document Title Filing Date