Publication
CABA Online
04.01.2013
In Amgen, Inc. v. Conn. Ret. Plans & Trust Funds, a 6-3 decision, a putative class of shareholders of Amgen stock alleged that Amgen committed securities fraud under section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 by misrepresenting the effectiveness and safety of two of its most popular drugs. When the truth regarding the drugs was revealed, the stock price dropped significantly, and shareholders incurred substantial losses.