Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Ariad Pharmaceuticals, Inc. (“Ariad” or “Company”) (NasdaqGS: ARIA) and several officers and directors for acts taken during the period of December 12, 2011 to October 8, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Ariad. If you are an affected Ariad shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ misrepresented and/or failed to disclose that, among other things: (a) 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; (b) the Company announced preliminary clinical data from the PACE trial, which supposedly produced “strong clinical evidence of the anti-leukemic activity of ponatinib”; and (c) the Company flaunted the “favorable safety and tolerability profile of ponatinib.” Despite these representations, on October 9, 2013 the Company revealed that the drug was shown to cause a higher rate of blood clots and heart-related side effects than previously disclosed. As a result of this news, 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. According to this complaint, when this information was revealed to the public, Ariad’s shares dropped.