Array Biopharma Inc (NASDAQ: ARRY) Investor Securities Class Action Lawsuit 11/20/2017

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Company Name(s): 
Array Biopharma
Case Name: 
Array Biopharma Shareholder Class Action Lawsuit 11/20/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ARRY
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/20/2017
Class Period Begin: 
06/30/2016
Class Period End: 
03/17/2017
Court of Filing: 
U.S. District Court for the District of Colorado
Deadline To File for Lead: 
01/22/2018
Summary: 

April 26, 2018 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Array Biopharma Inc (NASDAQ: ARRY) common shares between June 30, 2016 and March 17, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between June 30, 2016 and March 17, 2017.

March 12, 2018 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

January 22, 2018 - Lead plaintiff motions were filed.

November 20, 2017 - An investor in shares of Array Biopharma Inc (NASDAQ: ARRY) filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Array Biopharma Inc in connection with certain allegedly false and misleading statements made between December 16, 2015 and March 17, 2017.

Boulder, CO based Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. Array Biopharma Inc reported that its Total Revenue rose from $137.88 million for the 12 months period that ended on June 30, 2016 to $150.85 million for the 12 months period that ended on June 30, 2017 while its Net Loss over those time periods increased from $92.84 million to $116.82 million.

According to the complaint the plaintiff alleges on behalf of purchasers of Array Biopharma Inc (NASDAQ: ARRY) common shares between December 16, 2015 and March 17, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 16, 2015 and March 17, 2017, the defendants issued materially false and/or misleading statements and/or failed to disclose that Array Biopharma Inc’s NEMO study failed to show sufficient clinical benefit of the binimetinib NDA in use for patients with NRAS-mutant melanoma, that it was aware that this lack of supporting data would not be sufficient to receive FDA approval of binimetinib in use for patients with NRAS-mutual melanoma, and that as a result of the foregoing, Array’s public statements were materially false and misleading at all relevant times.

On March 19, 2017, Array Biopharma Inc announced the withdrawal of the binimetinib NDA in use for patients with NRAS-mutant melanoma.

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, Array Biopharma Inc’s CEO Ron Squarer stated that Array Biopharma Inc lacked sufficient data to support approval of the NDA.

Shares of Array Biopharma Inc (NASDAQ: ARRY) declined from $12.56 per share in February 2017 to as low as $6.73 per share in May 2017.

On November 21, 2017, NASDAQ: ARRY shares closed at $11.21 per share.