Whistleblower Lawsuit Dismissed Against Amgen Inc (NASDAQ:AMGN)

Posted by Steve Raasch October 3, 2013 0 Comment 2360 views

The largest biotechnology company in the world, Amgen, Inc (NASDAQ:AMGN), will not have to face the drug marketing suit that a doctor from New Jersey has brought against it. The United States describes this doctor as a professional whistle blower.

In December, judge Sterling Johnson of the U.S district court in Brooklyn, NY oversaw the company’s $780m drug-misbranding settlement with the United States. Yesterday, he discarded the lawsuit that had been filed by Joseph Piacentile, against Amgen, Inc (NASDAQ:AMGN). The government said that Piacentile was also a previous offender in conspiracies in which he had made false statements in Medicare tax evasions and claims. He runs whistleblowersagainstfraud.com, a website via which he carries out these activities and has filed 14 similar lawsuits.

The other plaintiff

As per Johnson’s order, he and Kevin Kilcoyne the other plaintiff who used to work at Amgen, Inc (NASDAQ:AMGN) rejected a settlement order worth $1.8M. This was supposed to be a segment of the agreement that the government had with the company. Johnson wrote that when the relators did not accept that sum, it is within the government’s right to decide whether any further action will result in additional recovery or fraud prevention.

In December, Amgen, Inc (NASDAQ:AMGN) had pleaded guilty in a charge related to Aranesp, its anemia drug. They had agreed to settle the misdemeanor charge lawsuit that alleged that they had engaged in some fraudulent sales practices in connection with other drugs as well.

Wednesday’s trading session

In Wednesday’s trading, Amgen, Inc (NASDAQ:AMGN) dropped by 1.33%. The shares opened at a price of $113.88, which was also the intraday high, and dipped to a close of $113.06. Approximately 2.47 million shares were traded on Wednesday while an average volume of 3.30 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $81.56 and its 52-week high is $117.91.

About Steve Raasch

Steve Raasch is a breaking news reporter for GDP insider. During his nearly two decades of editorial experience, Steve has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior. Steve is very passionate about his work. Steve earned a master of arts degree in international relations from the Johns Hopkins University School of Advanced International Studies in Washington.

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