ALERT: The Rosen Law Firm Announces Filing of Securities Class Action Lawsuit On Behalf of Ariad Pha

ALERT: The Rosen Law Firm Announces Filing of Securities Class Action Lawsuit On Behalf of Ariad Pharmaceuticals Inc. Investors - ARIA

NEW YORK--(BUSINESS WIRE)-- The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of all purchasers of the securities of Ariad Pharmaceuticals Inc. (NAS: ARIA) from December 12, 2011 through October 8, 2013.

To join the Ariad class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.


NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, Defendants represented that the Company's leukemia drug Iclusig (ponatinib) was safe, effective and without serious adverse events such as serious arterial thrombotic and cardiovascular events throughout the Class Period. Specifically, on December 11, 2011, the Company announced preliminary clinical data from its crucial PACE trial of Iclusig that allegedly provided "strong clinical evidence of the anti-leukemic activity of ponatinib." The Company also praised the "favorable safety and tolerability profile of ponatinib." Based upon these representations, the Company achieved FDA approval for Iclusig on December 14, 2012.

On October 9, 2013, the Company provided an update on the data from its PACE trial and revealed that Iclusig caused a higher rate of blood clots and heart-related side effects than previously disclosed. In particular, the Company reported that an astounding 11.8% of patients treated with Iclusig experienced serious arterial thrombosis, and that 6.2% of them had cerebrovascular events. As a result, the FDA halted enrollment of new patients for Iclusig testing, and the Company advised current patients of the drug to lower their dosage. On this news, Ariad shares declined $11.31 per share, or approximately 66%, to close at $5.83 per share on October 9, 2013.

A class action lawsuit has already been filed on behalf of Ariad investors. If you wish to serve as lead plaintiff, you must move the Court no later than December 9, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions.



The Rosen Law Firm P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
Tel: (212) 686-1060
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
275 Madison Avenue, 34th Floor
New York, New York 10016
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article ALERT: The Rosen Law Firm Announces Filing of Securities Class Action Lawsuit On Behalf of Ariad Pharmaceuticals Inc. Investors - ARIA originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.