NEW YORK--(EON: Enhanced Online News)--Abraham, Fruchter & Twersky, LLP announces that on October 7, 2013, the United States Supreme Court denied a petition by AMAG Pharmaceuticals, Inc. (“AMAG” or the “Company”)(NASDAQ:AMAG) for a Writ of Certiorari to appeal a decision by the United States Court of Appeals for the First Circuit (the “Court of Appeals”) allowing plaintiffs’ claims to go forward in the litigation entitled Silverstrand Investments v. AMAG Pharmaceuticals, Inc., et al., Case No. 10 CIV 10470, pending in the United States District Court for the District of Massachusetts.
“the 23 undisclosed reports of serious adverse effects linked to Feraheme gave rise to (1) uncertainties AMAG reasonably knew would adversely affect future revenues, and (2) risk factors that made the Offering risky and speculative.”
This case is a class action lawsuit on behalf of investors who purchased AMAG common stock in the Company’s secondary public offering (“Secondary Offering”) on or about January 21, 2010. The complaint alleges that the Company and certain officers violated the Securities Act of 1933 by failing to disclose adverse reactions to the Company’s primary drug Feraheme that occurred prior to the Secondary Offering. On August 15, 2011, the District Court dismissed all of the plaintiffs’ claims. Plaintiffs appealed, and on February 4, 2013, the Court of Appeals reversed the District Court’s decision in part. The Court of Appeals concluded that the Complaint stated claims of actionable omissions because “the 23 undisclosed reports of serious adverse effects linked to Feraheme gave rise to (1) uncertainties AMAG reasonably knew would adversely affect future revenues, and (2) risk factors that made the Offering risky and speculative.” AMAG attempted to reverse the Court of Appeal’s decision by petitioning the Supreme Court to hear the case. However, on October 7, 2013, the Supreme Court denied AMAG’s petition for a Writ of Certiorari, thus allowing the case to proceed.
Plaintiffs continue to seek the recovery of damages suffered on behalf of all purchasers of AMAG’s common stock in the Secondary Offering. The plaintiffs are represented by Abraham, Fruchter & Twersky, LLP which has extensive experience in litigating securities class action lawsuits, having been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
If you would like to discuss this action or if you have any questions concerning this notice or the progress of this case, you may contact: Jack Fruchter of Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at email@example.com.
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