San Diego, CA -- (ReleaseWire) -- 01/15/2014 -- An investor who currently holds NASDAQ:ARIA shares filed a lawsuit against certain directors of Ariad Pharmaceuticals, Inc. over alleged breaches of fiduciary duties
If you purchased NASDAQ:ARIA shares prior to 2012 and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants cause the stock price of NASDAQ:ARIA shares to artificially inflate by issuing allegedly false and misleading statements about its cancer drug Iclusig (ponatinib). The plaintiff says that after the truth came out the stock price declined by over 60%. The plaintiff claims that among other things, as a result, Ariad Pharmaceuticals 's credibility and goodwill have been damaged, and Ariad Pharmaceuticals' market capitalization has been substantially damaged.
Ariad Pharmaceuticals, Inc. currently faces a lawsuit over alleged securities laws violations. According to that lawsuit filed in the U.S. District Court for the District of Massachusetts the plaintiff alleges that Ariad Pharmaceuticals, Inc. violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that between December 12, 2011 and October 8, 2013, the defendants represented that the Company's leukemia drug Iclusig (ponatinib), based on its clinical data from its pivotal PACE trial of Iclusig, was safe and effective, without serious adverse events such as serious arterial thrombotic and cardiovascular events. Specifically, the plaintiff says that on December 11, 2011, ARIAD announced preliminary clinical data from the PACE trial, which purportedly yielded "strong clinical evidence of the anti-leukemic activity of ponatinib". Moreover, the Company touted the "favorable safety and tolerability profile of ponatinib". The plaintiff says that based upon these representations, the Company achieved FDA approval for Iclusig on December 14, 2012. The plaintiff alleges that it was then when Ariad Pharmaceuticals revealed that the drug was shown to cause a higher rate of blood clots and heart-related side effects than previously disclosed
On Oct. 9, 2013, Ariad Pharmaceuticals, Inc. announced results of its review of updated clinical data from the pivotal PACE trial of Iclusig®(ponatinib) and actions that it is taking following consultations with the U.S. Food and Drug Administration (“FDA”). Shares of Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) dropped from $18.06 per share on Oct. 8, 2013, to $2.20 per share on Oct. 31, 2013.
On January 13, 2014, NASDAQ:ARIA shares closed at $6.52 per share, which is significantly below its current 52 week High of $23.00 per share.
Those who purchased shares of Ariad Pharmaceuticals, Inc. have certain options and should contact the Shareholders Foundation.
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