AMAG Pharmaceuticals Inc (NASDAQ: AMAG) Investor Securities Class Action Lawsuit 03/18/2010

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Company Name(s): 
AMAG Pharmaceuticals
Case Name: 
AMAG Pharmaceuticals Shareholder Class Action Lawsuit 03/18/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: AMAG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/19/2010
Class Period Begin: 
01/19/2010
Class Period End: 
01/21/2010
Class Period Begin: 
01/21/2010
Class Period End: 
01/21/2010
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
05/18/2010
Date Settled: 
10/02/2014
Settlement Amount: 
$3,750,000
Deadline to Participate in Settlement: 
01/09/2015
Summary: 

January 30, 2015 - The court held a final settlement hearing and approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

October 2, 2014 - The court preliminarily approved the settlement.

September 12, 2014 - Parties filed a stipulation of settlement.

April 9, 2014 - The court denied the defendants' motions to dismiss.

November 6, 2013 - The defendants filed renewed motions to dismiss.

October 9, 2013 - The U.S. Court of Appeals for the First Circuit terminated the September 14, 2011 appeal.

October 7, 2013 - The U.S. Supreme Court denied the lead plaintiffs' petition.

June 17, 2013 - The lead plaintiffs petitioned the Supreme Court.

February 4, 2013 - The U.S Court of Appeals for the First Circuit vacated the district court's order dismissing the case and remanded it for further proceedings.

September 14, 2011 - The lead plaintiffs filed a notice of appeal.

August 11, 2011 - The court granted the defendants' motions to dismiss.

February 23, 2011 - The defendants filed motions to dismiss.

December 17, 2010 - The lead plaintiffs filed a second amended complaint.

September 15, 2010 - The lead plaintiffs filed an amended complaint.

July 27, 2010 - The lead plaintiffs and lead counsel were appointed.

May 18, 2010 - A lead plaintiff motion was filed.

March 19, 2010 - An investor in shares of AMAG Pharmaceuticals Inc (NASDAQ: AMAG) filed a lawsuit in the U.S. District Court for the District of Massachusetts against AMAG Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made in regarding the 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 violated the Securities Act of 1933 with respect to the secondary public offering on or about January 21, 2010. The complaint alleges AMAG Pharmaceuticals Inc and certain of its officers failed to disclose that users of AMAG Pharmaceuticals Inc primary drug, Feraheme, had suffered adverse reactions, some requiring hospitalization. On February 4, 2010, Carol Werther, a Summer Street analyst downgraded AMAG Pharmaceuticals Inc 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 Inc 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 AMAG Pharmaceuticals Inc'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 Pharmaceuticals Inc'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 (NASDAQ: AMAG) traded recently at $36.81 per share, down from its 52 week High 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 Inc reported in 2007 Total Revenue of $2.55 million, in 2008 $1.94 million, and in 2009 $17.18 million.