An Array of Issues Leads to Securities Class Action Against Array Biopharma
WASHINGTON, DC (December 4, 2017) — U.S. Market Advisors Law Group PLLC announces that a securities class action has been filed Array Biopharma, Inc. (NASDAQ:ARRY). The class action is on behalf of investors who acquired Array securities between December 16, 2015 and March 17, 2017.
Investors with losses have until January 22, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class. Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. Contact USMA Law Group to discuss this action.
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.
Allegations Against Array
The Complaint alleges that throughout the Class Period, Array made materially false and misleading statements as well as failed to disclose material adverse facts about the Company’s lead product binimetinib monotherapy for the treatment of NRAS-mutant melanoma.
Defendants allegedly made materially 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 NDA in use for patients with NRAS-mutant melanoma, (ii) that it was aware that this lack of supporting clinical data would not be sufficient to received 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 Sunday, March 19, 2017, Array issued a press release announcing the withdrawal of the binimetinib NDA in use for patients with NRAS-mutant melanoma.
As the truth was revealed, over the course of two trading days, the share price fell over 13% from a close of $10.56 per share on March 17, 2017 to close at $9.13 per share on March 21, 2017.
About USMA Law Group
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel