NEW YORK, NY / ACCESSWIRE / January 16, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Array Biopharma, Inc. ("Array" or the "Company") (ARRY) and certain of its officers, on behalf of shareholders who purchased Array securities between December 16, 2015 and March 17, 2017, both dates inclusive, (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/arry.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Array's NEMO study failed to show sufficient clinical benefit of the binimetinib NDA in use for patients with NRAS-mutant melanoma; (2) it was aware that this lack of supporting data would not be sufficient to receive FDA approval of binimetinib in use for patients with NRAS-mutual melanoma; and (3) 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 the withdrawal of the New Drug Application ("NDA") for the Company's cancer drug binimetinib, stating that "based on feedback from the [U.S. Food and Drug Administration], Array concluded that the clinical benefit demonstrated in [a recent Phase 3 clinical trial] would not be found sufficient to support approval" of the NDA. On this news, Array's share price fell $1.43, or 13.5%, over the following two trading days, to close at $9.13 on March 21, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/arry or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Array you have until January 22, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC