In Re Celgene Corporation Securities Litigation
Celgene Corporation Securities Litigation
2:18-cv-04772 (JMV)(JBC)

Frequently Asked Questions

 

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  • You received the Postcard Notice because the Court has certified a class in this lawsuit and you were identified as a potential Class Member whose rights may be affected by the lawsuit.

    By Order and Opinion entered November 30, 2020, the Court certified the Action as a class action on behalf of the following Class: 

    All persons and entities who purchased the common stock of Celgene Corporation ("Celgene") between April 27, 2017 and April 27, 2018, and were damaged thereby.

    Excluded from the Class are: (i) Celgene; (ii) any directors and officers of Celgene during the Class Period and members of their immediate families; (iii) the subsidiaries, parents and affiliates of Celgene; (iv) any firm, trust, corporation or other entity in which Celgene has or had a controlling interest; and (v) the legal representatives, heirs, successors and assigns of any such excluded party.

    If you are a member of the Class, you may have legal rights and options to exercise before the Court decides the outcome of the case. If you are uncertain whether you are a member of the Class, please contact Class Counsel, or your own attorney.

     

  • This is a securities class action against Defendants for alleged violations of the federal securities laws during the Class Period. Class Representative alleges that Defendants made material misrepresentations and omissions during the Class Period regarding Celgene’s business, operations, and prospects. More specifically, Class Representative alleges that Defendants made misrepresentations and omissions regarding two drugs that Defendants touted as sources of revenue to fill the void that would be left by Celgene’s flagship drug, Revlimid, when its patent expired in 2022 – Ozanimod and Otezla. This Action alleges that Defendants made statements that misrepresented and failed to disclose material facts regarding Celgene’s development of the multiple sclerosis drug Ozanimod and that Celgene was on track to submit a “new drug application” regarding Ozanimod to the U.S. Food and Drug Administration (“FDA”) pursuant to the company’s timeline. This Action also alleges that Defendants failed to disclose the existence of substantial impediments to the expansion of the market for Otezla, a drug used to treat psoriasis and psoriatic arthritis. Defendants deny the allegations of wrongdoing asserted in the Action, and deny any liability whatsoever to any member of the Class. Please note that the Notice does not describe all claims and defenses asserted by the parties. The section of the Notice, and FAQ below, entitled “Where You Can Find Additional Information” describes the process by which you can obtain additional information about this Action, including the claims and defenses asserted.

  • On March 29, 2018, the initial complaint was filed in the Court against Celgene and certain of Celgene’s officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a) (“Exchange Act”), and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5.

    On September 26, 2018, the Court appointed AMF Pensionsförsäkring AB as Lead Plaintiff pursuant to the Private Securities Litigation Reform Act of 1995 (“PSLRA”) and appointed Lead Plaintiff’s selection of counsel – Kessler Topaz Meltzer & Check, LLP as lead counsel and Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. and Seeger Weiss, LLP as co-liaison counsel.

    On December 10, 2018, Lead Plaintiff filed the Amended Consolidated Class Action Complaint (“Amended Complaint”) against Celgene, Mark J. Alles, Scott A. Smith, Peter N. Kellogg, Terrie Curran, Jacqualyn A. Fouse, Philippe Martin, Nadim Ahmed, Jonathan Q. Tran, Robert J. Hugin, and Peter Callegari, M.D. Like the initial complaint, the Amended Complaint asserted violations of Sections 10(b) and 20(a) of the Exchange Act, 15 U.S.C. §§ 78j(b) and 78t(a), and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5. Defendants moved to dismiss the Amended Complaint on February 8, 2019.

    Pursuant to Stipulation and Order of the Court, Lead Plaintiff was permitted to amend the Amended Complaint to remove a single allegation. On February 27, 2019, Lead Plaintiff filed the Second Amended Consolidated Class Action Complaint (“Second Amended Complaint”).

    On April 9, 2019, Lead Plaintiff opposed Defendants’ motion to dismiss and, on May 9, 2019, Defendants filed a reply in support of their motion to dismiss. By Order dated December 19, 2019, the Court granted in part and denied in part Defendants’ motion to dismiss (“MTD Ruling”). The MTD Ruling dismissed: (i) Lead Plaintiff’s allegations as to a drug referred to as GED-0301; (ii) a number of alleged misstatements concerning Otezla and Ozanimod; (iii) Lead Plaintiff’s Section 10(b) and Rule 10b-5 claims against Mark J. Alles, Peter N. Kellogg, Nadim Ahmed, Peter Callegari, M.D., Jonathan Q. Tran, Jacqualyn A. Fouse, and Robert J. Hugin; and (iv) Lead Plaintiff’s Section 20(a) claims.

    On March 5, 2020, Defendants filed their Answer to the Second Amended Complaint, denying all claims and wrongdoing asserted, as well as any liability arising out of the conduct alleged in the Second Amended Complaint. The Defendants also asserted several affirmative defenses to the claims made in the Second Amended Complaint. Thereafter, the parties pursued discovery concerning their respective claims and defenses.

    On May 1, 2020, Lead Plaintiff filed a motion for class certification. Defendants opposed Lead Plaintiff’s motion on June 25, 2020, and Lead Plaintiff filed a reply in further support of its motion on July 31, 2020. By Order and Opinion entered on November 30, 2020 (together, the “Class Certification Order”), the Court granted Lead Plaintiff’s motion, certifying a Class consisting of all persons and entities who purchased the common stock of Celgene between April 27, 2017 and April 27, 2018, and were damaged thereby. Excluded from the Class are:
    (i) Celgene; (ii) any directors and officers of Celgene during the Class Period and members of their immediate families; (iii) the subsidiaries, parents and affiliates of Celgene; (iv) any firm, trust, corporation or other entity in which Celgene has or had a controlling interest; and (v) the legal representatives, heirs, successors and assigns of any such excluded party. In addition, the Class Certification Order appointed Lead Plaintiff as Class Representative and appointed Kessler Topaz Meltzer & Check, LLP as Class Counsel and Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. and Seeger Weiss, LLP as Co-Liaison Counsel for the Class.

    On December 14, 2020, Defendants filed a petition with the Third Circuit Court of Appeals for permission to appeal the Class Certification Order. The Third Circuit denied without prejudice Defendants’ petition on March 2, 2021.

    On July 9, 2021, Class Representative filed a Motion for Leave to Amend the Second Amended Complaint. On February 24, 2022, Magistrate Judge James B. Clark,III granted the Motion for Leave to Amend the Second Amended Complaint. Class Representative then filed the Third Amended Consolidated Class Action Complaint on March 1, 2022. On March 9, 2022, Defendants appealed Magistrate Judge Clark's decision granting the Motion for Leave to Amend the Second Amended Complaint to the District Court. . On August 30, 2021, Defendants filed a Motion to Modify the Class Period in Light of the Supreme Court’s Recent Decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System. On April 13, 2022, the Court denied Defendants' Motion to Modify the Class Period..

    The Action is ongoing. The parties completed fact discovery on June 20, 2021. A trial date has not yet been set.

    No court has made a ruling on the merits of Class Representative’s allegations or on Defendants’ denials and defenses.

  • A class action is a type of lawsuit in which one or several individuals or entities prosecute claims on behalf of all members of a group of similarly situated persons and entities to obtain monetary or other relief for the benefit of the entire group. Class actions avoid the necessity of each member of a class having to file his, her, or its own separate lawsuit to obtain relief. Class actions are used to decide legal and factual issues that are common to all members of a class.

  • This Action is still being litigated. There is no judgment, settlement or monetary recovery at this time. 

    No court has made a ruling on the merits of Class Representative’s allegations or on Defendants’ denials and defenses. The Court’s certification of the Class does not guarantee Class Members will receive money or any other benefits; that will be decided later in the lawsuit. If there is a recovery, you will be notified about how to request your share. Please keep your trading records concerning Celgene common stock. You will need them if there is a future claims process.

     

  • If you purchased the common stock of Celgene between April 27, 2017 and April 27, 2018, and were damaged thereby, and you are not excluded by definition from the Class, then you are a member of the Class. If you are a member of the Class, you have the right to decide whether to remain a member of the Class.

    Excluded from the Class are: (i) Celgene; (ii) any directors and officers of Celgene during the Class Period and members of their immediate families; (iii) the subsidiaries, parents and affiliates of Celgene; (iv) any firm, trust, corporation or other entity in which Celgene has or had a controlling interest; and (v) the legal representatives, heirs, successors and assigns of any such excluded party.

  • If you choose to remain a member of the Class, you will be bound by all past, present, and future orders and judgments in the Action, whether favorable or unfavorable. If any money is awarded to the Class, either through a settlement with Defendants or a judgment of the Court after a trial and appeal, you may be eligible to receive a share of that award. However, if you remain a member of the Class, you may not pursue a lawsuit on your own behalf with regard to any of the issues in the Action in connection with your purchase/acquisition of Celgene common stock.

    If you are a Class Member, you can exclude yourself from the Class. Information on requesting an exclusion is provided below and in paragraphs 20-23 of the Notice. Pursuant to Rule 23(e)(4) of the Federal Rules of Civil Procedure, it is within the Court’s discretion whether to allow a second opportunity to request exclusion from the Class if there is a settlement.

    If you are a Class Member and choose to remain a member of the Class, you do not need to do anything at this time other than to retain documentation of your transactions and holdings in Celgene common stock. Should there be a recovery in the future, members of the Class will need this information in order to support a claim. 

  • To exclude yourself from the Class, you must send a letter by first-class mail stating that you “request exclusion from the Class in In re Celgene Corporation Securities Litigation, Case No. 2:18-cv-04772-JMV-JBC.” Your request must state your full name, address, telephone number, and you must sign it. If you are signing on behalf of a Class member (such as an estate, corporation, or partnership), please indicate your full name and the basis of your authority to act on behalf of the Class member. Your request for exclusion must also state the amount of Celgene common stock purchased and/or sold during the Class Period, as well as the dates and prices of each such purchase, and/or sale. You must mail your exclusion request, postmarked no later than July 11, 2022, to:

    Celgene Corporation Securities Litigation

    Exclusions
    c/o JND Legal Administration
    P.O. Box 91422
    Seattle, WA 98111

    You cannot exclude yourself from the Class by telephone, facsimile, or e-mail. Requests for exclusion that do not comply with the above requirements will be invalid, unless otherwise accepted by the Court, subject to any objections of the parties to be resolved by the Court.

    Do not request exclusion if you wish to participate in the Action as a member of the Class.

    If you properly request exclusion from the Class, you will not be bound by any orders or judgments in the Action, but you also will not be eligible to share in any recovery that might be obtained in the Action. If you properly request exclusion from the Class, you may be entitled to pursue an individual lawsuit, claim, or remedy, if available, which you may have, at your own expense. Please note: if you decide to exclude yourself from the Class, you may be time-barred from asserting all or a portion of the claims covered by the Action. Class Counsel offers no advice and no opinion on whether you will be able to maintain such claims.

  • The Court appointed the law firm of Kessler Topaz Meltzer & Check, LLP as Class Counsel.  If you have any questions concerning the matters raised on this website or in the Postcard Notice or Notice, you may contact Class Counsel, as follows:

    Andrew L. Zivitz, Esq.
    Matthew L. Mustokoff, Esq.
    KESSLER TOPAZ MELTZER & CHECK, LLP
    280 King of Prussia Road
    Radnor, PA 19087
    Telephone: (610) 667-7706
    Facsimile: (610) 667-7056
    info@ktmc.com
    www.ktmc.com

    Unless you elect to retain your own personal lawyer, if you remain in the Class, you will not have any direct obligations to pay the costs of litigation. If there is a recovery by the Class in the action in the future, all costs and expenses of the Action, including Class Counsel's attorneys' fees, will be paid from that recovery in an amount approved by the Court.

    If you want to be represented by your own lawyer, you may hire one at your own expense. If you do retain your own lawyer, such counsel must enter an appearance on your behalf by filing a Notice of Appearance with the Court, and mailing it to Class Counsel, on or before July 11, 2022.

  • The Notice provides only a summary of the lawsuit and the claims asserted by Class Representative. For more detailed information regarding the Action, you may contact Class Counsel. You may also contact the Administrator by email at info@CelgeneSecuritiesLitigation.com, or by toll-free phone at (855) 648-0893.

    Complete copies of the pleadings, orders, and other documents filed in this Action are available at http://www.pacer.gov or at the office of the Clerk of the Court, United States District Court for the District of New Jersey, located at the Martin Luther King Building & U.S. Courthouse, 50 Walnut Street, Newark, NJ 07101, under Case No. 2:18-cv-04772-JMV-JBC.

     

For More Information

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Phone
Mail
In Re Celgene Corporation Securities Litigation
c/o JND Legal Administration
PO Box 91422
Seattle, WA 98111