LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Celgene Corporation (“Celgene” or the “Company”) (NASDAQ: CELG) between September 12, 2016 and February 27, 2018, inclusive (the “Class Period”). Celgene investors have until May 29, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit Celgene page on our website at www.glancylaw.com/case/celgene-corporation. Investors that suffered losses on their Celgene investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
The complaint filed in this class action alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) the trials for GED-0301 suffered from fatal design defects, such that GED-0301 had failed to demonstrate meaningful clinical efficacy; (2) as a result, 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; (3) the growth of Otezla sales had dramatically slowed during Celgene’s third fiscal quarter of 2017; and (4) the clinical and nonclinical pharmacology data in Celgene’s new drug application (“NDA”) for Ozanimod were insufficient to permit a complete review by the FDA, which resulted in the FDA issuing a refusal to file letter to Celgene regarding the NDA.
On February 27, 2018, Celgene announced that the FDA rejected the Company’s New Drug Application (“NDA”) for Ozanimod, a treatment for multiple sclerosis. Celgene stated that it had received a refusal-to-file letter from the FDA, which advised the Company that the FDA had “determined that the nonclinical and clinical pharmacology sections in the NDA were insufficient to permit a complete review.” On this news, Celgene’s share price fell $8.66, or 9%, on February 28, 2018, thereby injuring investors.
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If you purchased shares of Celgene during the Class Period you may move the Court no later than May 29, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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