Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) Shareholder Class Action Lawsuit

Officials at Ariad Pharmaceuticals, Inc found themselves facing a lawsuit brought on by an investor in the U.S District court for the District of Massachusetts on October 10, 2013. The plaintiff is suing Ariad for making alleged misleading and false statements between the dates of December 12, 2011 and October 8, 2013, violating federal securities laws within Sections 10 b and 20a in the 1934 Securities Exchange Act and Rule 10b-5.

If you have purchased shares of Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) between December 12, 2011 and October 8, 2013, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  12/09/2013

The plaintiff is alleging these claims on behalf of each individual or entity who may have been affected through either the purchase or acquisition of Ariad Pharmaceuticals, Inc securities, ARIA on Nasdaq, between December 12, 2011 and October 8, 2013, when the alleged misleading statements were made.

To be more specific, it has been claimed by the plaintiff that Ariad Pharmaceuticals, Inc claimed its drug Iclusig, used to treat leukemia patients, was a safe and effective medication. The pharmaceutical company claimed that Iclusic, ponatinib, would not cause any serious side effects for its users, including cardiovascular problems and severe arterial thrombotic events. The basis for these claims was supposedly positive results from the initial PACE trial of the drug.

After stating that ponatinib showed "strong clinical evidence" during the PACE trial for "anti-leukemic activity," and that the drug showed "favorable safety and tolerability," The FDA approved Iclusig on December 14, 2012. 

In October 2012, shares of Ariad Pharmaceuticals, Inc (ARIA, Nasdaq) were valued at $25.16. By May 2013, shares had decreased to $16.32. On October 8, 2013 shares were at a higher value of $18.06. One day later, on October 9, 2013, shares of Ariad Pharmaceuticals, Inc had dropped to $4.02 each. 

The same day as shares reached their lowest value in years, Ariad Pharmaceuticals made public the review of its clinical data, with updated information. the plaintiff states that shares dropped dramatically when Ariad revealed the truth about their anti-leukemia drug: that it caused a high risk of blood clots and severe cardiovascular side effects.

On October 10, 2013, shares for NASDAQ:Aria, Ariad Pharmaceuticals closed for the day at $5.41 each, far less than the 52 week high per-share price of $25.40.

Own shares of Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA)? Contact us to protect your rights.

If you have purchased shares of Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) between December 12, 2011 and October 8, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

Complete the form below for a free no obligation consultation. 

 

Need assistance with this form?