Ariad Pharmaceuticals Inc (NASDAQ: ARIA) Investor Securities Class Action Lawsuit 10/10/2013

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Company Name(s): 
Ariad Pharmaceuticals
Case Name: 
Ariad Pharmaceuticals Shareholder Class Action lawsuit 10/10/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 

May 10, 2018 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

January 19, 2018 - The court preliminarily approved the settlement.

November 30, 2017 - Parties filed a stipulation of settlement.

November 28, 2016 - The Court of Appeals for the First Circuit reversed the dismissal of certain claims and and affirmed the dismissal of some certain claims and remanded the case back to the district court.

April 21, 2015 - The lead plaintiffs filed a notice of appeal.

March 25, 2015 - The court dismissed the case.

March 24, 2015 - The court granted in part and denied in part the defendants' motions to dismiss.

April 14, 2014 - Defendants filed motions to dismiss.

March 25, 2014 - The lead plaintiffs filed a corrected amended complaint.

February 27, 2014 - Lead plaintiffs voluntarily dismissed all claims against eight individual defendants.

February 18, 2014 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Ariad Pharmaceuticals Inc (NASDAQ: ARIA) common shares between December 12, 2011 and October 30, 2013. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between December 12, 2011 and October 30, 2013.

January 9, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 9, 2013 - Lead plaintiff motions were filed.

October 10, 2013 - An investor in shares of Ariad Pharmaceuticals Inc (NASDAQ: ARIA), filed a lawsuit in the U.S. District Court for the District of Massachusetts against Ariad Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 12, 2011 and October 8, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Ariad Pharmaceuticals Inc (NASDAQ: ARIA) between December 12, 2011 and October 8, 2013, that Ariad Pharmaceuticals Inc and certain of its officers and directors violated federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between December 12, 2011 and October 8, 2013, the defendants represented that Ariad Pharmaceuticals Inc's leukemia drug Iclusig® (ponatinib), based on its clinical data from its pivotal PACE trial of Iclusig, was safe and effective, without serious adverse events such as serious arterial thrombotic and cardiovascular events. Specifically, the plaintiff says that on December 11, 2011, Ariad Pharmaceuticals Inc announced preliminary clinical data from the PACE trial, which purportedly yielded "strong clinical evidence of the anti-leukemic activity of ponatinib". Moreover, Ariad Pharmaceuticals Inc touted the "favorable safety and tolerability profile of ponatinib". Based upon these representations, Ariad Pharmaceuticals Inc achieved FDA approval for Iclusig on December 14, 2012.

Ariad Pharmaceuticals Inc reported that its annual Total Revenue declined from $178.98 million in 2010 to $0.56 million in 2012 and that its Net Income of $85.25 million in 2010 declined to a Net Loss of $220.87 million in 2012.

Shares of Ariad Pharmaceuticals Inc (NASDAQ: ARIA) decreased from as high as $25.16 per share in October 2012 to $16.32 per share in May 2013.

On October 9, 2013, Ariad Pharmaceuticals Inc (NASDAQ: ARIA) announced results of its review of updated clinical data from the pivotal PACE trial of Iclusig (ponatinib) and actions that it is taking following consultations with the U.S. Food and Drug Administration (“FDA”).

The plaintiff alleges that it was then when Ariad Pharmaceuticals Inc revealed that the drug was shown to cause a higher rate of blood clots and heart-related side effects than previously disclosed.

Shares of Ariad Pharmaceuticals Inc (NASDAQ: ARIA) dropped from $18.06 per share on October 8, 2013, to $4.02 per share on October 9, 2013.

On October 10, 2013, Ariad Pharmaceuticals Inc (NASDAQ: ARIA) shares closed at $5.41 per share, which is significantly below its current 52 week High of $25.40 per share.