NEW YORK, Dec. 6, 2013 /PRNewswire/ -- Notice is
hereby given that Faruqi & Faruqi, LLP has filed a class action
lawsuit in the United States District Court for the District of
Massachusetts, Case No.
1:13-cv-13109, on behalf of investors who purchased or otherwise
acquired ARIAD Pharmaceuticals, Inc. ("ARIAD" or the "Company")
(NASDAQ: ARIA) securities and/or transacted in ARIAD options
contracts between December 12, 2011
and October 17, 2013, inclusive (the
"Class Period") and suffered damages as a result.
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If you wish to obtain information concerning this action or view
a copy of the complaint, you can do so by clicking here:
http://www.faruqilaw.com/ARIA. There is no cost or obligation
to you.
ARIAD and its executives are charged with violations of Section
10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder. Specifically, the complaint
alleges that Defendants knew or recklessly failed to inform
investors that: (1) the clinical data from the pivotal Phase
2 PACE trial of the Company's leukemia drug Iclusig demonstrated
significant cardiovascular side effects in patients treated with
the drug, such as arterial thrombotic events and strokes, before
and during the Class Period; and (2) as a result, Defendants'
statements regarding the safety, outlook, and commercial prospects
for Iclusig were materially false and misleading at all relevant
times.
On October 9, 2013, the Company
updated the data from its PACE trial, disclosing that Iclusig had
shown to cause a higher rate of blood clots and heart-related side
effects than previously reported. As a result of this
startling data, the FDA placed a hold on new patient enrollment for
the Phase 3 trial of Iclusig. On this news, the price of
ARIAD's stock plummeted by $11.31 per
share or more than 66%, to close at $5.83 on October 9,
2013.
Then, on October 18, 2013, ARIAD
announced that it mutually agreed with the FDA to completely
terminate the Company's Phase 3 trial of Iclusig based on
evaluation of the recently released safety data. On this
news, the price of ARIAD's declined by an additional $1.83 per share or more than 40%, to close at
$2.67 on October 18, 2013.
Plaintiff now seeks to recover damages on behalf of himself and
all other individual and institutional investors who purchased or
otherwise acquired ARIAD securities and/or transacted in ARIAD
options between December 12, 2011 and
October 17, 2013, excluding
defendants and their affiliates, and who suffered damages
thereby. Plaintiff is represented by Faruqi & Faruqi,
LLP, a law firm with extensive experience in prosecuting class
actions and actions involving corporate fraud.
If you transacted in ARIAD securities as set forth above, you
may, not later than December 9,
2013, move the court to serve as lead plaintiff of the
class, if you so choose. In order to discuss this action, or
if you have any questions concerning this notice or your rights or
interests, please contact:
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
ATTN: Richard Gonnello, Esq. or
Francis P. McConville, Esq.
rgonnello@faruqilaw.com or fmcconville@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
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SOURCE Faruqi & Faruqi, LLP