According to the Complaint, the Medicines Company (“Medco” or the “Company”) is a global pharmaceutical company focused on providing medical solutions for critical care patients in acute and intensive care hospitals worldwide. One of the Company’s most promising prospects in its pipeline was the Cangrelor drug, which is intended to prevent platelet activation and aggregation in patients undergoing Percutaneous Coronary Interventions (“PCI”) such as angioplasties. The Company conducted a series of three CHAMPION trials, including CHAMPION PCI, CHAMPION PLATFORM and CHAMPION PHOENIX, to test the efficacy and safety of the product to decrease thombrotic events, such as blood clots, either during or after PCI. The CHAMPION PHOENIX trial tested
the efficacy of Cangrelor as compared to clopidrogel, a competing drug manufactured by Bristol Myers Squibb and Sanofi, under the trade name Plavix.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Cangrelor did not show superiority to clopidogrel; (2) The clinical trials sponsored by Medco were unethically and inappropriately administered, including by delaying administration of clopidogrel and lowering its dosage; and (3) as a result of the foregoing, Medco’s public statements were materially false and misleading at all relevant times.
On July 18, 2014, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. Lead Plaintiff filed an amended complaint on September 17.
On February 19, 2016, the parties filed a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on February 25. The Court granted final approval of the Settlement and dismissed this case on June 24.