NEW YORK, NY / ACCESSWIRE / December 27, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Array Biopharma Inc. ("Array" or the "Company") (ARRY) and certain of its officers. The class action, filed in United States District Court, for the District of Colorado, and docketed under 17-cv-02848, is on behalf of a class consisting of investors who purchased or otherwise acquired Array securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Array securities between December 16, 2015 and March 17, 2017, both dates inclusive, you have until January 22, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and quantity of shares purchased.
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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.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made 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 new drug application ("NDA") in use for patients with NRAS-mutant melanoma; (ii) the Company was aware that this lack of supporting clinical data would not be sufficient to receive U.S. Food and Drug Administration ("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On March 19, 2017, Array issued a press release announcing it had withdrawn from the FDA Division of Oncology Products 2 the NDA for binimetinib monotherapy for the treatment of NRASmutant melanoma, a rare, mutationally-driven subset of skin cancer.