Amgen Employees Press 9th Circ. To Revive ERISA Action

Law360, Los Angeles (February 17, 2012, 6:33 PM EST) -- Employee shareholders asked the Ninth Circuit on Friday to revive their putative class action accusing Amgen Inc. of misrepresenting sales growth estimates for two of its drugs amid safety concerns — causing Amgen's stock to plummet.

Amgen's board of directors breached their duty under the Employee Retirement Income Security Act to monitor an employee stock fund, by withholding information about safety concerns associated with some of its drugs, Mark Rifkin, an attorney from Wolf Haldenstein Adler Freeman & Herz LLP representing the plaintiffs, told the three-judge...
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