Santa Clara, CA: A $95 million settlement has been reached in a securities
class action lawsuit pending against pharmaceutical company Amgen Inc.
Brought by investors, the suit claims that Amgen failed to disclose the results of a study known as DAHANCA 10, which tested Aranesp in head and neck cancer patients in Denmark. When Amgen’s failure to disclose was discovered and reported, the company’s stock crashed.
The period in which class members were affected is between April 22, 2004 and May 10, 2007. Under the agreement, Amgen will pay $95 million into a settlement fund to be distributed to class members. The settlement is subject to court approval.
The lawsuit is In re Amgen Inc. Securities Litigation, CV-07-2536 PSG, pending in the United States District Court for the Central District of California.
