This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Five Dumbest Things on Wall Street This Week: June 29

4. Amylin's Embarrassment

TheStreet's Adam Feuerstein unearthed some real underhanded dealings over at Amylin Pharmaceuticals (AMLN) on Monday. So in case you missed it, here are the despicable, dastardly and oh-so-dumb details.

Amylin sneakily concealed a study from the U.S. Food and Drug Administration that raised heart safety concerns about its diabetes drug Byetta and then blocked FDA access to the data when the agency discovered its existence, according to recently released FDA records.

And that's not all, says Adam.

Soon after Amylin executives flat-out fibbed to investors by failing to disclose that this hidden Byetta heart-safety study played a key role in the FDA rejecting the company's follow-on diabetes drug Bydureon.

Dudes, that is so dishonest it's disgusting! And what's more is that you did it while trying to unload yourselves to a Big Pharma buyer -- other than Bristol-Myers Squibb (BMY), of course, whose $22 bid you rejected as too low. Well let's see what kind of premium you big shots command now that the FDA has soured on you.

"Our interactions with regulatory agencies have been, and will continue to be, forthright and timely. Throughout the Bydureon review process, Amylin responded appropriately to requests for additional data," said company spokeswoman Alice Izzo Friday in response to questions about the FDA memo.

"Forthright"? Sorry Alice, we saw the report and that's just wrong. And even worse was CEO Dan Bradbury's performance on a conference call in November 2010, a mere two weeks after the FDA rejected Bydureon.

"We do try very hard to be as transparent as possible with everybody about what we know about the business," said Bradbury to an unknowing analyst at the time.

Sorry Dan, but the evidence shows that you weren't transparent in the least back then. And as for right now, well, it's become crystal clear that we can see right through you.
2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BCS $15.55 -0.32%
CHK $8.98 6.65%
GS $180.32 -0.21%
VTUS $16.49 -1.02%
AAPL $111.31 0.48%


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs