The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of all purchasers of the securities of Ariad Pharmaceuticals Inc. (NASDAQ:ARIA) from December 12, 2011 through October 8, 2013.
To join the Ariad class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Defendants represented that the Company's leukemia drug Iclusig (ponatinib) was safe, effective and without serious adverse events such as serious arterial thrombotic and cardiovascular events throughout the Class Period. Specifically, on December 11, 2011, the Company announced preliminary clinical data from its crucial PACE trial of Iclusig that allegedly provided "strong clinical evidence of the anti-leukemic activity of ponatinib." The Company also praised 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 provided an update on the data from its PACE trial and revealed that Iclusig caused a higher rate of blood clots and heart-related side effects than previously disclosed. In particular, the Company reported that an astounding 11.8% of patients treated with Iclusig experienced serious arterial thrombosis, and that 6.2% of them had cerebrovascular events. As a result, the FDA halted enrollment of new patients for Iclusig testing, and the Company advised current patients of the drug to lower their dosage. On this news, Ariad shares declined $11.31 per share, or approximately 66%, to close at $5.83 per share on October 9, 2013.