On November 4, 2025, Kessler Topaz filed a motion seeking preliminary 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) led by Lead Plaintiff AMF Tjänstepension AB arises from drugmaker Celgene’s alleged misrepresentations regarding two of its drugs, Otezla and Ozanimod. Celgene launched Otezla, a drug approved for the treatment of psoriasis and psoriatic arthritis, in 2014. Celgene primed the market that Otezla sales were poised to sky-rocket, representing that net sales would reach $2 billion by 2017, despite explicit internal warnings that these revenues were unattainable. Investors alleged that in 2017, Celgene made false statements regarding Otezla’s success, leading to significant shareholder losses when the market was astonished by Otezla’s plummeting revenues.
Investors also alleged that in 2017 and 2018, Celgene issued false statements touting the company’s new drug application for Ozanimod, a multiple sclerosis drug, with the U.S. Food and Drug Administration, while failing to disclose the late-stage discovery of a metabolite that threatened to derail the regulatory timeline. In February 2018, Celgene disclosed that the FDA had refused to file the Ozanimod application, again leading to massive market losses.
The settlement follows seven years of litigation, including full fact and expert discovery, class certification, and summary judgment proceedings. 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 AMF and the investor class includes Matthew Mustokoff, Andrew Zivitz, Joshua D'Ancona, Jamie McCall, Margaret Mazzeo, Nathan Hasiuk, Nate Simon, Vanessa Milan, and Aubrie Kent.