STEVENSON, Md., Oct. 11, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of ARIAD Pharmaceuticals, Inc. ("ARIAD" or the "Company") (Nasdaq:ARIA) securities during the period between December 12, 2011 and October 8, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in ARIAD Pharmaceuticals, Inc. securities purchased on or after December 12, 2011, and held through the revelation of negative information on October 9, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 9, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' representations during the Class Period that the Company's leukemia drug Iclusig (ponatinib), based on its clinical data from its pivotal PACE trial, was safe and effective, without serious adverse events such as serious arterial thrombotic and cardiovascular events. According to the complaint, following the Company's October 9, 2013 disclosure that the updated data from its PACE trial revealed that Iclusig was shown to cause a higher rate of blood clots and heart-related side effects than previously disclosed, that the U.S. Food and Drug Administration ("FDA") placed a hold on new patient enrollment for Iclusig testing, and that the Company advised patients currently receiving the drug to lower their dosage, the value of ARIAD shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616