LETTERS : Story on Amgen Stock Sales Draws Official’s Criticism

The recent article in The Times Orange County about Amgen Inc. reveals a misunderstanding of regular trading by Amgen employees and officers that could lead to an impression of purposeful deceit that is most certainly not the case. Indeed, the selling of Amgen stock by officers and directors in 1992 and early 1993 was not unusual and was done in the normal course of personal needs and personal finances.

In several instances in the Times article it is noted that trading by corporate officers and directors is a normal and expected occurrence. We could not agree more. Therefore, we feel that persons named in the article have been unfairly singled out without cause.

An example is Kirby Alton, an Amgen senior vice president. The Times reporter’s characterization of his selling 20,000 shares as “acting more aggressively to avoid the February massacre” (drop in stock value) is gratuitous and totally unwarranted. To infer that he acted “aggressively” would give the impression that he had foreknowledge of the drop in Amgen stock value.

In every instance, the sale of stock by Amgen officers and directors was motivated by personal choice. To infer otherwise is dead wrong and hurtful. . . . The Times owes these individuals an apology and its readers a clarification.

--THOMAS E. WORKMAN JR.

Workman is vice president, secretary and general counsel of Amgen Inc., Thousand Oaks