Top Trial Firm Cohen, Placitella & Roth, PC Investigating Ariad Pharmaceuticals, Inc., for Suspending Sales of its Leukemia Drug Iclusig
By: chris.placitella @ Apr 03, 2014
Cohen, Placitella & Roth, PC is investigating claims on behalf of investors who purchased Ariad Pharmaceuticals, Inc. (“Ariad” or the “Company”) (NASDAQ: ARIA) stock between December 11, 2011 and October 31, 2013, inclusive. The investigation concerns whether Ariad and certain of its officers and/or directors disseminated materially false and misleading information to investors in violation of Sections 10(b), and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder.
Ariad describes itself as an oncology company, focused on new medicines to advance the treatment of various forms of chronic and acute leukemia, lung cancer, and other difficult-to-treat cancers. On October 9, 2013, Ariad disclosed that Iclusig, a drug the FDA approved in December, 2012 as a last-line treatment for certain kinds of chronic myeloid leukemia, had shown higher than expected rates of serious health problems related to blood clots. Two days later, the U.S. Food and Drug Administration announced it was investigating severe and life-threatening blood clots and narrowing of blood vessels in current patients taking the medication. On October 18, 2013 the Company announced it had agreed to terminate a trial of the drug in newly-diagnosed patients because arterial thrombotic events were observed in patients taking Iclusig. On October 31, 2013, at the FDA’s request, the Company disclosed that it was suspending sales of the drug.
Upon its October 31, 2013, disclosure that it was suspending sales of Iclusig, Ariad shares declined $2.07 per share or over 30 percent, to close at $4.70 per share. As of November 4, 2013, Ariad’s stock was trading at $2.98 per share, down 85 percent from its trading value before October 8, 2013.
If you wish to discuss what rights you may have related to a loss in your investment in Ariad or you have any information on Ariad’s representations about the Iclusig drug, please contact Eduardo Texidor Jr. at [email protected] or, toll free, at 1-215-567-3500. For those investors inquiring via email, please include “Ariad” in the subject line, and, in the body of the email, the number of shares purchased and your mailing address and telephone number.
Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth’s peer rating-the highest AV® – “a testament to professional excellence.” Since the inauguration of its “Best Law Firms”‘ edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth as one of the top-tier class action law firms in the country.
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