NEW YORK, Oct. 18, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased securities of ARIAD Pharmaceuticals, Inc. ("ARIAD" or the "Company") (Nasdaq:ARIA), during the period between December 12, 2011 and October 8, 2013, inclusive (the "Class Period"). The Complaint seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
The Complaint alleges that the Company issued false and/or misleading statements and failed to disclose material facts concerning ARIAD's business, operations and financial prospects. On October 9, 2013, the Company announced that the U.S. Food and Drug Administration placed a partial clinical hold on all new patient enrollment in clinical trials of Iclusig following reports of non-serious and serious adverse events in Iclusig-treated patients. Following this news, the price of ARIAD shares dropped nearly 66%, or $11.31 per share, from the previous day's closing price of $17.14 per share, to a closing price of $5.83 per share on October 9, 2013, on extremely heavy volume.
If you wish to serve as lead plaintiff, you must move the Court no later than December 9, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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