Gibbs Law Group LLP is investigating potential claims on behalf of investors who purchased ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) stock between December 12, 2011 and October 17, 2013.
The investigation concerns whether ARIAD and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with statements regarding the safety and efficacy of the Company’s leukemia drug Iclusig (ponatinib).
On December 11, 2011, ARIAD announced preliminary clinical data from the PACE trial of Iclusig, which purportedly yielded “strong clinical evidence of anti-leukemic activity of ponatinib,” and the Company touted the “favorable safety and tolerability profile of ponatinib.” On October 9, 2013, ARIAD reported that 11.8% of Iclusig-treated patients experienced serious arterial thrombosis. As a result, the Company said it was halting all enrollments in Iclusig clinical trials and that the Food and Drug Administration (FDA) had also placed a partial hold on the trials due to the arterial thrombosis occurring in Iclusig-treated patients. Following this news, ARIAD’s stock price declined by $11.31 per share, or 66%, to close at $5.83 per share on October 9, 2013.
On October 18, 2013, ARIAD announced that the Company is “discontinuing the Phase 3 EPIC (Evaluation of Ponatinib versus Imatinib in Chronic Myeloid Leukemia) trial of Iclusig in patients with newly diagnosed chronic myeloid leukemia.” According to the Company, the “U.S. Food and Drug Administration mutually agreed that the trial should be terminated because arterial thrombotic events were observed in patients treated with Iclusig.” On this news, shares of ARIAD dropped over 40% to $2.62 in intraday trading on October 18, 2013.
If you purchased ARIAD stock between December 12, 2011 and October 17, 2013, you are urged to contact Gibbs Law Group securities litigation attorney John Kehoe at (415) 544-6283, or you may complete and submit our confidential inquiry form on the right side of this page to request a free consultation with one of our securities litigation attorneys.
ARIAD Pharmaceuticals, Inc. Alleged Violation(s) of Federal Securities Laws
Gibbs Law Group LLP is investigating potential claims for alleged violation(s) of federal securities laws on behalf of investors who purchased ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) stock between December 12, 2011 and October 17, 2013.