ARIAD Announces Dismissal of Shareholder Derivative Lawsuit in Federal District Court
March 10 2015 - 4:20PM
Business Wire
ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) announced today that
the United States District Court for the District of Massachusetts
dismissed the shareholder derivative lawsuit filed in late 2013
against the Company and certain of its officers and directors in
connection with the events leading up to the temporary suspension
of the marketing and commercial distribution of Iclusig®
(ponatinib) on October 31, 2013, and subsequent re-launch in
January 2014 based on revised U.S. prescribing information and a
risk evaluation and mitigation strategy.
The suit alleged breach of fiduciary duty, misappropriation of
confidential information and insider trading. The Court granted the
Company’s motion to dismiss the lawsuit, concluding that the
plaintiffs failed to make a demand of the Company’s board of
directors to investigate the allegations as required by Delaware
law, the state where the Company is incorporated, and also failed
to allege sufficient facts to excuse that demand.
“We are pleased that the Court granted our motion to dismiss
what we believed from the outset was a meritless lawsuit,” said
Harvey J. Berger, M.D., chairman and chief executive officer of
ARIAD. “Our corporate values are always at the forefront as we
continue to focus on executing our plan for sustained growth and
anticipated profitability in 2018.”
About ARIAD
ARIAD Pharmaceuticals, Inc., headquartered in Cambridge,
Massachusetts and Lausanne, Switzerland, is an integrated global
oncology company focused on transforming the lives of cancer
patients with breakthrough medicines. ARIAD is working on new
medicines to advance the treatment of various forms of chronic and
acute leukemia, lung cancer and other difficult-to-treat cancers.
ARIAD utilizes computational and structural approaches to design
small-molecule drugs that overcome resistance to existing cancer
medicines. For additional information, visit http://www.ariad.com
or follow ARIAD on Twitter (@ARIADPharm).
This press release contains forward-looking statements. Any
statements contained herein which do not describe historical facts,
including but not limited to, statements regarding: our plans for
sustained growth and anticipated profitability in 2018; and our
efforts related to new oncology treatments, are forward-looking
statements which are based on management's good faith expectations
and involve risks and uncertainties that could cause actual results
to differ materially from those discussed in such forward-looking
statements. These factors, risks and uncertainties include, but are
not limited to, the motion to dismiss the shareholder derivative
lawsuit is appealable and could be overturned; our ability to
secure a partnership for brigatinib (AP26113); difficulties or
delays in obtaining regulatory and pricing and reimbursement
approvals to market our products and product candidates; our
ability to successfully commercialize and generate profits from
sales of Iclusig or any future products; competition from
alternative therapies; the conduct and results of preclinical and
clinical studies of our product candidates; the adequacy of our
capital resources and the availability of additional funding;
patent protection and third-party intellectual property claims;
risks related to key employees, markets, economic conditions,
health care reform, prices and reimbursement rates; and other risk
factors detailed in the Company's public filings with the U.S.
Securities and Exchange Commission. The information contained in
this press release is believed to be current as of the date of
original issue. After the date of this document, the Company does
not intend to update any of the forward-looking statements to
conform these statements to actual results or to changes in the
Company's expectations, except as required by law.
Iclusig® is a registered trademark of ARIAD Pharmaceuticals,
Inc.
ARIAD Pharmaceuticals, Inc.For InvestorsKendra Adams,
617-503-7028Kendra.adams@ariad.comorFor MediaLiza Heapes,
617-621-2315Liza.heapes@ariad.com
Ariad (NASDAQ:ARIA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ariad (NASDAQ:ARIA)
Historical Stock Chart
From Sep 2023 to Sep 2024