Supremes to Review Amgen (AMGN) Stock Fraud Case

6/12/2012 6:57:49 AM

The U.S. Supreme Court will decide whether investors must prove that misinformation from Amgen (AMGN) (AMGN) Inc. propped up its stock price before they can pursue a class-action stock-fraud suit against the world’s largest biotechnology company. The justices today agreed to review an appeal by Amgen in a case alleging the company and its executives misled investors for more than three years about safety questions involving its Aranesp and Epogen anemia drugs. Amgen says a federal appeals court ruling makes it too easy to mount class-action lawsuits representing thousands of people, pressuring companies to pay settlements for even frivolous allegations rather than risk huge damages in a trial. Amgen’s appeal is backed by the U.S. Chamber of Commerce and the pharmaceutical industry’s trade group.

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