BENSALEM, Pa., Nov. 22, 2013 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that investors of ARIAD Pharmaceuticals, Inc. ("ARIAD" or the "Company") (Nasdaq:ARIA) have until December 9, 2013, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") comprising all purchasers of ARIAD securities between December 12, 2011 and October 8, 2013, inclusive (the "Class Period").
ARIAD is an oncology company, engaged in the discovery, development and commercialization of small-molecule drugs to treat cancer in patients with aggressive cancers where current therapies are inadequate. ARIAD's first-approved cancer medicine, IclusigTM, is a tyrosine kinase inhibitor (TKI) for the treatment of adult patients with certain chronic or aggressive forms of leukemia who are resistant or intolerant to prior TKI therapy.
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 are a member of the Class described above, you have certain rights and have until December 9, 2013, to move for lead plaintiff status. To be a member of the class you need not take any action at this time or may retain counsel of your choice. If you purchased shares prior to the Class Period and wish to learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.