SAN FRANCISCO--(BUSINESS WIRE)--Girard Gibbs LLP is investigating potential claims on behalf of investors who purchased ARIAD Pharmaceuticals, Inc. ("ARIAD" or the "Company") (NASDAQ: ARIA) stock between December 12, 2011 and October 17, 2013, inclusive (the “Class Period”).
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.
For more information about this investigation, please contact John Kehoe at (415) 544-6283 or click here to visit our website and request a consultation with one of our securities law attorneys.
Girard Gibbs LLP is one of the nation’s leading firms representing individual and institutional investors in securities fraud class actions and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations. For more information, please access the firm’s web site at www.GirardGibbs.com.