NEW YORK, Dec. 16, 2017 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Array Biopharma Inc. (“Array” or the “Company”) (NASDAQ: ARRY ) and certain of its officers. The class action, filed in United States District Court, for the District of Colorado, and docketed under 17-cv-02848, is on behalf of a class consisting of investors who purchased or otherwise acquired Array securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Array securities between December 16, 2015 and March 17, 2017, both dates inclusive, you have until January 22, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and quantity of shares purchased.
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Array is a biopharmaceutical company focused on the discovery, development, and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s lead cancer drug binimetinib (MEK162) was evaluated in multiple trials and combinations, including a Phase 3 “NEMO” study versus dacarbazine in unresectable or metastatic NRAS-mutant melanoma patients.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Array’s NEMO study failed to show sufficient clinical benefit of the binimetinib new drug application (“NDA”) in use for patients with NRAS-mutant melanoma; (ii) the Company was aware that this lack of supporting clinical data would not be sufficient to receive U.S. Food and Drug Administration (“FDA”) approval of binimetinib in use for patients with NRAS-mutant melanoma; and (iii) as a result of the foregoing, Array’s public statements were materially false and misleading at all relevant times.
On March 19, 2017, Array issued a press release announcing it had withdrawn from the FDA Division of Oncology Products 2 the NDA for binimetinib monotherapy for the treatment of NRASmutant melanoma, a rare, mutationally-driven subset of skin cancer.
On the following day, biotech analyst John Carroll from Endpoints News published an article entitled “Array walks back its FDA pitch on binimetinib, derailing plans for commercial launch.” The article described why the Company’s decision concerning the binimetinib NDA came “as a surprise to investors,” based on Array’s previous statements with respect to the drug’s approval prospects.
On this news, Array’s share price fell $1.43 or 13.54% over two trading days, to close at $9.13 on March 21, 2017.
On March 20, 2017, before the market opened, biotech analyst John Carroll from Endpoints News published an article entitled “Array walks back its FDA pitch on binimetinib, derailing plans for commercial launch.”
On this news, Array’s share price fell $1.43 or 13.54% over two trading days, to close at $9.13 on March 21, 2017.
On May 10, 2017, during a conference call to discuss the Company’s financial and operating results for the third fiscal quarter ended March 31, 2017 (“Q3 2017 Conference Call”), analyst Michael Schmidt from Leerink asked about the reasons of the withdrawal of the binimetinib NDA in use for patients with NRAS-mutant melanoma. Ultimately, while attempting to blur the truth, Array’s CEO and Individual Defendant Squarer admitted that: (i) Array lacked sufficient data to support approval of the binimetinib NDA in use for patients with NRAS-mutant melanoma, (ii) as a result, Array was aware it would not be able to launch binimetinib in use for patients with NRAS-mutant melanoma.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
