A class action complaint has been filed on behalf of all persons who acquired Amylin Pharmaceuticals, Inc. (NASDAQ:AMLN) securities between February 8, 2000 and July 25, 2001, inclusive (the "Class Period").

The complaint alleges that Amylin and certain of its officers and directors violated the Securities Exchange Act of 1934. Amylin is engaged in the discovery, development and commercialization of potential drug candidates for the treatment of metabolic disorders.

The complaint alleges that on July 25, 2001, the Food and Drug Administration released medical and statistical reviews regarding Amylin's diabetes drug pramlintide acetate (SYMLIN) prior to an FDA Advisory Committee Meeting scheduled for July 26, 2001. This review cited major concerns regarding the safety and lack of efficacy of SYMLIN. The review stated there were major adverse events upon treatment with SYMLIN and an alarming number of patients that had life altering events relating to hypoglycemia (low blood glucose level), including major trauma, accidents and death, many of which apparently were concealed from the safety database, making this database unreliable to the FDA. This hypoglycemic side effect was particularly surprising to the FDA and investors, as the Company all along had claimed that one advantage of SYMLIN over insulin was that it did not increase the risk of hypoglycemia. The public announcements and statements made during the Class Period were materially false and misleading when issued in that they falsely portrayed Amylin as a growing, successful, well-managed, law-abiding, well-controlled company, and a leader of its industry, and that it had a highly effective drug, SYMLIN.

Plaintiff seeks to recover damages on behalf of all those who purchased Amylin common stock during the Class Period, excluding defendants and their affiliates.

Update

A settlement has been reached in this action. Claim forms have been mailed to members of the class and must be returned to claims administrator postmarked no later than January 28, 2005. Copies of the notice of settlement, and claim forms, can be downloaded at the website of the claims administrator, Berdon Claims Administration, www.berdonllp.com/claims, or you may call the claims administrator at (800) 766-3330.