On May 11, 2025, U.S. District Judge Michael E. Farbiarz granted Lead Plaintiff AMF Tjanstepension’s motion for final approval of a $239 million settlement in In re Celgene Corp. Securities Litigation, No. 2:18-cv-04772, a securities fraud suit in New Jersey federal court. The settlement is believed to be one of the top ten largest-ever shareholder recoveries in the Third Circuit. This long-running case (filed in 2018) involved drugmaker Celgene’s alleged misrepresentations regarding the regulatory timeline for its multiple sclerosis drug Ozanimod which was beleaguered by developmental setbacks. The action also alleged that Celgene fraudulently concealed sales problems with a second drug, Otezla, approved for the treatment of psoriasis and psoriatic arthritis. The settlement follows seven years of litigation. With a January 2026 trial date looming, the case resolved as the parties were preparing in earnest for a month-long jury trial.
The Kessler Topaz team representing Lead Plaintiff AMF Tjänstepension AB and the investor class includes Matthew Mustokoff, Andrew Zivitz, Joshua D’Ancona, Jamie McCall, Margaret Mazzeo, Nathan Hasiuk, Nathaniel Simon, Vanessa Milan, and Aubrie Kent.