Amgen Stock Drop Suit Booted By Supreme Court, But Not On Principle
This article was originally published in The Pink Sheet Daily
Former employees might not be able to sue Amgen regarding insider knowledge of Aranesp problems, but other firms could still face similar ERISA suits – and Amgen itself is still fighting litigation from disgruntled investors.
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Supreme Court rules 6-3 that plaintiffs do not need to prove that a company’s misrepresentations were material at the class certification stage; investors allege Amgen misrepresented the safety of Aranesp and Epogen.
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