SAN DIEGO and WALTHAM, Mass., July 29, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of AMAG Pharmaceuticals, Inc. (NASDAQGS: AMAG) breached their fiduciary duties to shareholders. AMAG Pharmaceuticals operates as a specialty pharmaceutical company that focuses on maternal health, anemia, and cancer supportive care. The company markets Makena, a hydroxyprogesterone caproate injection to reduce the risk of preterm birth in women with a singleton pregnancy.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/amag-pharmaceuticals-inc
AMAG Pharmaceuticals Products Under Investigation
On May 28, 2015, AMAG Pharmaceuticals announced that it received a complete response letter from the U.S. Food and Drug Administration ("FDA") regarding its manufacturing supplement seeking approval for a single-dose vial of Makena, its preterm birth prevention drug. A complete response letter informs companies that the FDA completed its initial review of a drug application and cannot approve it in its present form. In the letter, the FDA requested additional information related to the manufacturing procedures for the single-dose vial at a new third-party manufacturer.
Then, on July 27, 2015, AMAG Pharmaceuticals stated in its Form 10-Q that on July 20, 2015, the Federal Trade Commission ("FTC") had notified the company that it is investigating Makena or any hydroxyprogesterone caproate product. The FTC noted that the investigation does not indicate that it has concluded that Lumara Health (acquired by AMAG Pharmaceuticals) or its predecessor has violated the law. On this news, AMAG Pharmaceuticals stock fell $5.37 per share, or 7.62%, to close at $65.07 on July 27, 2015.
AMAG Pharmaceuticals Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
SOURCE Robbins Arroyo LLP