SAN DIEGO, Oct. 21, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Ariad Pharmaceuticals, Inc. (ARIA) common stock over alleged violations of Federal Securities Laws by Ariad Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between December 12, 2011 and October 8, 2013.
Investors who purchased shares of Ariad Pharmaceuticals, Inc. (ARIA) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that between December 12, 2011 and October 8, 2013 the defendants represented that Ariad Pharmaceuticals; 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.
More specifically, the plaintiff says that on December 11, 2011, Ariad Pharmaceuticals announced preliminary clinical data from the PACE trial, which purportedly yielded "strong clinical evidence of the anti-leukemic activity of ponatinib". Moreover, the plaintiff claims that Ariad Pharmaceuticals touted the "favorable safety and tolerability profile of ponatinib". Based upon these representations, Ariad Pharmaceuticals achieved U.S. Food and Drug Administration ("FDA") approval for Iclusig on December 14, 2012.
Then on October. 9, 2013, Ariad Pharmaceuticals, Inc. announced results of its review of updated clinical data from the pivotal PACE trial of Iclusig and actions that it is taking following consultations with the FDA. Ariad Pharmaceuticals, Inc said it was halting all enrollments in Iclusig clinical trials and that the FDA had also placed a partial hold on the trials due to the arterial thrombosis occurring in Iclusig-treated patients. The Company also advised current patients of the drug to lower their dosage.
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.
Shares of Ariad Pharmaceuticals, Inc. dropped from over $19 per share In early October to $2.67 per share on October 18, 2013.
The plaintiff seeks to recover damages on behalf of all purchasers of Ariad Pharmaceuticals, Inc. stock between December 12, 2011 and October 8, 2013.
Those who purchased shares of Ariad Pharmaceuticals, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 firstname.lastname@example.org 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.