AMAG Pharmaceuticals, Inc. Investor Files Lawsuit

If you purchased common stock of AMAG Pharmaceuticals, Inc. ( (NASDAQ: AMAG) in the AMAG Pharmaceuticals secondary public offering on or about January 21, 2010, you have certain options and there are strict and short deadlines running. Deadline: May 18, 2010. Those AMAG investors and current long term investors in AMAG shares should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
AMAG Pharmaceuticals
Case Name: 
AMAG Pharmaceuticals Shareholder class Action
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: AMAG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/19/2010
Class Period Begin: 
01/21/2010
Class Period End: 
03/19/2010
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
05/18/2010
Summary: 

An investor in AMAG Pharmaceuticals, Inc. (Public, NASDAQ:AMAG) filed a lawsuit against AMAG Pharmaceuticals in the United States District Court for the District of Massachusetts on behalf of purchasers of the common stock of AMAG Pharmaceuticals, Inc. ( (NASDAQ: AMAG) in the AMAG Pharmaceuticals secondary public offering on or about January 21, 2010.

According to the complaint the plaintiff alleges that AMAG Pharmaceuticals, Inc and certain of its officers with violations of the Securities Act. The plaintiff alleges that the Registration Statement with respect to the secondary public offering on or about January 21, 2010 failed to disclose that users of AMAG Pharmaceuticals 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 and wrote in a note that "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, so the lawsuit, AMAG Pharmaceuticals stock (AMAG) fell over $7.00 per share to close at $38.12 per share.

The complaint further alleges that the Registration Statement failed to disclose that the effect of the Company's rebate program would be to front load sales into the fourth quarter causing sales to drop off after the Offering was completed. When this was disclosure, so the plaintiff, AMAG's stock price once again declined, closing on March 1 at $34.17 per share down $4.02 from the previous day's closing price of $38.19. Shares of AMAG Pharmaceuticals, Inc. (Public, NASDAQ:AMAG) traded recently at $36.81 per share, down from its 52weekHigh of $58.23 per share, over $61 per share in 2008, and over $70 per share in 2007.

AMAG Pharmaceuticals, Inc., located in Cambridge, MA, is a biopharmaceutical company, which utilizes the technology for the development and commercialization of a therapeutic iron compound to treat iron deficiency anemia and imaging agents to aid in the diagnosis of cancer and cardiovascular disease. AMAG Pharmaceuticals reported in 2007 Total Revenue of $2.55million, in 2008 $1.94million, and in 2009 $17.18million.