SOURCE: Rosen Law Firm PA

Rosen Law Firm PA

October 31, 2013 13:25 ET

EQUITY ALERT: Rosen Law Firm Reminds Ariad Pharmaceuticals Inc. Investors of Important Class Action Deadline -- ARIA

NEW YORK, NY--(Marketwired - Oct 31, 2013) -  The Rosen Law Firm, P.A. reminds Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA) investors who purchased Ariad securities between December 12, 2011 and October 8, 2013, of the important December 9, 2013 lead plaintiff deadline. 

To join the Ariad class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, toll-free, at 866-767-3653; you may also email at pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, Defendants misrepresented that the Company's leukemia drug Iclusig (ponatinib) was safe, effective and without serious adverse events such as serious arterial thrombotic and cardiovascular events. Specifically, on December 11, 2011, the Company announced preliminary clinical data from its crucial PACE trial of Iclusig that allegedly provided "strong clinical evidence of the anti-leukemic activity of ponatinib." The Company also praised the "favorable safety and tolerability profile of ponatinib." Based upon these representations, the Company achieved FDA approval for Iclusig on December 14, 2012.

On October 9, 2013, the Company provided an update on the data from its PACE trial and revealed that Iclusig caused a higher rate of blood clots and heart-related side effects than previously disclosed. In particular, the Company reported that an astounding 11.8% of patients treated with Iclusig experienced serious arterial thrombosis, and that 6.2% of them had cerebrovascular events. As a result, the FDA halted enrollment of new patients for Iclusig testing, and the Company advised current patients of the drug to lower their dosage. On this news, Ariad shares declined $11.31 per share, or approximately 66%, to close at $5.83 per share on October 9, 2013.

A class action lawsuit has already been filed on behalf of Ariad investors. If you wish to serve as lead plaintiff, you must move the Court no later than December 9, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe concentrating its practice in securities class actions. 

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