Case Page

 

Case Status:    SETTLED
On or around 11/30/2017 (Date of stipulation and/or agreement of settlement)

Filing Date: October 10, 2013

According to the law firm press release, ARIAD is a global oncology company focused on the discovery, development and commercialization of medicines to transform the lives of cancer patients. The Company's approach to structure-based drug design has led to several molecularly targeted medicines for drug-resistant or difficult-to-treat cancers.

The Complaint alleges that throughout the Class Period, Defendants represented that the Company's leukemia drug Iclusig (ponatinib), based on its clinical data from its pivotal PACE trial of Iclusig, was safe and effective, without serious adverse events such as serious arterial thrombotic and cardiovascular events. Specifically, on December 11, 2011, ARIAD announced preliminary clinical data from the PACE trial, which purportedly yielded "strong clinical evidence of the anti-leukemic activity of ponatinib". Moreover, the Company touted the "favorable safety and tolerability profile of ponatinib". Based upon these representations, the Company achieved FDA approval for Iclusig on December 14, 2012.

On October 9, 2013, the Company updated the data from its PACE trial, revealing that the drug was shown to cause a higher rate of blood clots and heart-related side effects than previously disclosed. Specifically, the Company disclosed that serious arterial thrombosis occurred in a staggering 11.8% of Iclusig-treated patients, and that 6.2% of the patients had cerebrovascular events. As a result, the FDA placed a hold on new patient enrollment for Iclusig testing, and the Company advised patients currently receiving the drug to lower their dosage. On this news, ARIAD shares declined $11.31 per share or nearly 66%, to close at $5.83 per share on October 9, 2013.

On January 9, 2014, the Court issued an Order consolidating actions, appointing lead plaintiffs, and approving lead counsel. Lead Plaintiffs filed a consolidated complaint on February 18. A corrected version of this complaint was filed on March 25.

On March 25, 2015, the Court issued an Order dismissing this case.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ARIA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 13-CV-12544
JUDGE: Hon. Joseph L. Tauro
DATE FILED: 10/10/2013
CLASS PERIOD START: 12/12/2011
CLASS PERIOD END: 10/08/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Shapiro Haber & Urmy LLP (Boston)
    53 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 13-CV-12544
JUDGE: Hon. Joseph L. Tauro
DATE FILED: 03/25/2014
CLASS PERIOD START: 12/12/2011
CLASS PERIOD END: 10/30/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (Boston)
    One Liberty Square, Berman DeValerio (Boston), MA 02109
    617.542.8300 617.542.8300 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Fisher Law Offices
    94 Station Street, Fisher Law Offices, MA 02043
    (781) 740-1140 (781) 836-4297 ·
  4. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  5. Milberg LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg LLP (New York), NY 10119
    1.877.692.1965 · ContactUs@milberg.com
No Document Title Filing Date