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FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of all those who purchased Array Biopharma common stock between December 16, 2015 and March 17, 2017 (the “Class Period”). The case, Rose v. Array Biopharma Inc., No. 1:17-cv-02789 was filed on November 20, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (i) Array Biopharma’s Phase III NEMO study failed to show sufficient clinical benefit of the Company’s lead product, binimetinib, New Drug Application (“NDA”) in use for patients with NRAS-mutant melanoma; (ii) it 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; and (iii) as a result, Array Biopharma’s public statements were materially false and misleading at all relevant times.
Specifically, on March 19, 2017 Array Biopharma issued a press release announcing the withdrawal of binimetinib NDA in use for patients with NRAS-mutant melanoma. Then, pre-market on March 20, 2017, 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, over the course of two trading days, Array Biopharma’s share price fell from $10.56 per share on March 17, 2017 to a closing price of $9.13 on March 21, 2017—a $1.43 or a 13.54% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Array Biopharma’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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SOURCE Faruqi & Faruqi, LLP
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