A settlement was reached in the lawsuit filed on behalf of certain investors of AMAG Pharmaceuticals Inc (NASDAQ: AMAG) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: January 9, 2015. NASDAQ: AMAG investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/17/2014 -- A deadline is coming up on January 9, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of AMAG Pharmaceuticals Inc (NASDAQ: AMAG) pursuant and/or traceable to the January 21, 2010 Offering.
Investors who purchased a significant amount of shares of AMAG Pharmaceuticals Inc (NASDAQ: AMAG) pursuant and/or traceable to the January 21, 2010 Offering, have certain options and you should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the AMAG Pharmaceuticals Inc (NASDAQ: AMAG) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/amag-pharmaceuticals-inc-nasdaq-amag-investor-securities-class-action-lawsuit-03182010
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 9, 2015. The class action administrator for this case is Angeion Group.
The lawsuit was originally filed in 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 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 Inc reported in 2007 Total Revenue of $2.55million, in 2008 $1.94million, and in 2009 $17.18million.
Those who purchased shares of AMAG Pharmaceuticals Inc (NASDAQ: AMAG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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