Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
July 23, 2016 - The court approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
February 25, 2016 - The court preliminarily approved the settlement.
February 19, 2016 - Parties filed a stipulation of settlement.
November 17, 2014 - The defendants filed a motion to dismiss.
September 17, 2014 - The plaintiff filed an amended consolidated complaint on behalf of investors who purchased MDCO common shares between January 8, 2013 and February 12, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 8, 2013 and February 12, 2014.
February 21, 2014 - An investor in shares of The Medicines Company (NASDAQ: MDCO), filed a lawsuit in the U.S. District Court for the District of New Jersey against The Medicines Company over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 20, 2013 and February 12, 2014.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of The Medicines Company (NASDAQ: MDCO) between February 20, 2013 and February 12, 2014, that The Medicines Company and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that Cangrelor, The Medicines Company drug candidate designed to prevent blood clots during heart artery-clearing angioplasty and stenting procedures, did not show superiority to clopidogrel, a competing drug already approved by the U.S. Food and Drug Administration ( FDA ), that The Medicines Company’a CHAMPION clinical trials which compared the efficacy of Cangrelor to clopidogrel were unethically and inappropriately administered including by delaying administration of clopidogrel and lowering its dosage, and that as a result of the foregoing, The Medicines Company's public statements were materially false and misleading at all relevant times.
The Medicines Company reported that its annual Total Revenue rose from $404.24 million in 2009 to $558.59 million in 2012 and that its Net Loss of $76.23 million in 2009 into a Net Income of$127.88 million in 2011, respectively $51.25 million in 2012.
Shares of The Medicines Company (NASDAQ:MDCO) grew from $6.47 per share in May 2009 to as high as $40.39 per share on January 10, 2014.
Then on February 10, 2014, a report was published by the Food and Drug Administration ( FDA ) regarding The Medicines Company’s drug candidate Cangrelor, designed to prevent blood clots during heart artery-clearing angioplasty and stenting procedures. Then on February 12, 2014, The FDA’s Cardiovascular and Renal Drugs Advisory Committee in 7-2 vote recommended against the approval of Cangrelor.
Shares of The Medicines Company (NASDAQ: MDCO) declined from over $40 in early January 2014 to as low as $28.03 per share on February 13, 2014.
On February 24, 2014, The Medicines Company (NASDAQ : MDCO) shares closed at $30.99 per share.