October 17, 2013 at 13:44 PM EDT
Glancy Binkow & Goldberg LLP Files Class Action Lawsuit Against ARIAD Pharmaceuticals, Inc.

Glancy Binkow & Goldberg LLP, representing investors of ARIAD Pharmaceuticals, Inc. (“ARIAD” or the “Company”) (NASDAQ:ARIA), has filed a class action lawsuit 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”).

A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.

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.

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. As a result of these events, the Company announced it is implementing the following actions:

  • Patient enrollment in all clinical studies of Iclusig is being paused, and subject to agreement with the FDA, will be resumed with anticipated changes in dose and other modifications.
  • Reductions in Iclusig dose will be implemented on a trial-by-trial basis for patients whose Iclusig treatment is ongoing.
  • The dose of Iclusig in patients who are currently enrolled in the EPIC trial will be reduced.
  • The eligibility criteria for Iclusig clinical trials will be modified to exclude patients who have experienced prior arterial thrombosis resulting in heart attack or stroke.

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 may move the Court no later than December 9, 2013, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts:

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg, (888) 773-9224
or
Glancy Binkow & Goldberg LLP, New York, NY
Gregory Linkh, (212) 682-5340 or (888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
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