Array BioPharma Inc. (Nasdaq: ARRY)
A class action has been commenced on behalf of purchasers of Array BioPharma Inc. (Nasdaq: ARRY) common stock between December 16, 2015 and March 17, 2017 (the “Class Period”).
The complaint charges Array and certain of its current and former officers with violations of the Securities Exchange Act of 1934. Array is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. Array’s lead cancer drug, binimetinib, was being evaluated during the Class Period in multiple trials and combinations, including in a Phase 3 clinical trial, known as the NEMO study, in which binimetinib was being evaluated for the treatment of patients with unresectable or metastatic NRAS-mutant melanoma in comparison with dacarbazine, an FDA-approved chemotherapy drug.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements and/or failed to disclose adverse information regarding Array’s business and prospects, including that the Company’s NEMO study had failed to show that binimetinib demonstrated sufficient clinical benefit for patients with NRAS-mutant melanoma and, accordingly, the NEMO Study would not support FDA approval of binimetinib for use in patients with NRAS-mutual melanoma. As a result of defendants’ false statements and/or omissions, Array securities traded at artificially inflated prices during the Class Period, with its stock reaching a high of $12 per share.
Then on Sunday, March 19, 2017, Array issued a press release announcing that it had withdrawn its New Drug Application (“NDA”) for binimetinib for the treatment of patients with NRAS-mutant melanoma, stating that it had “concluded that the clinical benefit demonstrated in the Phase 3 NEMO clinical trial would not be found sufficient to support approval of the NRAS-mutant melanoma NDA.” On this news, the price of Array shares fell over 13%, or $1.43 per share, to close at $9.13 per share on March 21, 2017.
Subsequently, on May 10, 2017, during a conference call to discuss the Company’s financial and operating results for the quarter ended March 31, 2017, Array’s CEO, Ron Squarer, stated that Array lacked sufficient data to support approval of the NDA for binimetinib.
If you are a current shareholder and purchased stock between December 16, 2015 and March 17, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
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