Array Biopharma Inc. ("Array" or the Company) is a biopharmaceutical company focused on the discovery, development, and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s lead cancer drug binimetinib (MEK162) was evaluated in multiple trials and combinations, including a Phase 3 “NEMO” study versus dacarbazine in unresectable or metastatic NRAS-mutant melanoma patients.

According to the law firm press release, the Complaint alleges that throughout the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Array’s NEMO study failed to show sufficient clinical benefit of the binimetinib NDA in use for patients with NRAS-mutant melanoma; (2) it was aware that this lack of supporting data would not be sufficient to receive FDA approval of binimetinib in use for patients with NRAS-mutual melanoma; and (3) as a result of the foregoing, Array’s public statements were materially false and misleading at all relevant times.

On March 12, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 26. Defendants filed a Motion to Dismiss the amended Complaint on June 11. On November 24, 2020, the Court issued an Order denying Defendants' Motion to Dismiss.

On March 29, 2021, the parties notified the Court that they had reached an agreement in principle to settle this action. The parties entered into a Stipulation and Agreement of Settlement on April 28. On May 4, the Court granted preliminary approval of the Settlement. On December 3, the Court granted final approval of the Settlement and entered Final Judgment.

On January 3, 2022, an objector filed a notice appealing the fee award in the Settlement. On February 27, 2023, the Court of Appeals affirmed the District Court's award of Attorney's Fees.

On April 17, 2023, the Court approved the Settlement's distribution plan.