STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Celgene Corporation (Nasdaq: CELG) (“Celgene” or the “Company”) securities during the period between September 12, 2016 and February 27, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 29, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Celgene securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that GED-0301, a late-stage developmental treatment for Crohn’s disease, had failed to demonstrate meaningful clinical efficacy through the interim endoscopy trial; that non-public interim trial data received and analyzed by Celgene and its representatives demonstrated GED-0301’s lack of efficacy and a revision to baseline in the treated patient population; that there was an undisclosed risk and high likelihood that Celgene would be unable to develop GED-0301 into a commercially viable treatment for Crohn’s disease; that the growth of Otezla (a commercial-stage treatment for psoriasis) sales had dramatically slowed; that international sales for Otezla had grown only 87% year-over-year; and that the Company was not on track to achieve its 2017 or 2020 fiscal guidance.
According to the complaint, following an October 19, 2017 press release stating that Celgene would be discontinuing the GED-0301 trials, an October 26, 2017 press release announcing that sales had declined and slashing guidance, and a February 27, 2018 press release revealing that the U.S. Food and Drug Administration had sent a Refusal to File letter for the Company’s New Drug Application for Ozanimod, a developmental treatment for relapsing multiple sclerosis and ulcerative colitis, the value of Celgene shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Celgene securities purchased on or after September 12, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.