NEW YORK, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AMAG Pharmaceuticals, Inc. (“AMAG” or the “Company”) (NASDAQ: AMAG). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether AMAG and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 29, 2019, AMAG announced that the Food and Drug Administration’s (“FDA”) Bone, Reproductive and Urologic Drugs Advisory Committee had voted 16-0 that the Company’s confirmatory study, Trial 003, failed to demonstrate the effectiveness of AMAG’s Makena product in reducing the risk of preterm births in women with histories of singleton spontaneous preterm birth. The FDA committee also voted 13-3 that the clinical data (Trials 002 and 003) in the Company's application failed to demonstrate substantial evidence of effectiveness.
On this news, AMAG’s stock price fell $2.98 per share, or 22.36%, to close at $10.35 per share on October 30, 2019.
Then, on January 9, 2020, AMAG disclosed plans to divest its Intrarosa and Vyleesi products in order to lower operating expenses. Concurrently, AMAG announced that William Heiden would step down as AMAG’s President and Chief Executive Officer following the appointment of a successor by the Company’s Board of Directors. On this news, AMAG’s stock price fell sharply on January 9, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980