Harwood Feffer LLP Announces Investigation of Ariad Pharmaceuticals, Inc.
NEW YORK, Nov. 5, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Ariad Pharmaceuticals, Inc. ("Ariad" or the "Company") (NASDAQ: ARIA), concerning whether the board has breached its fiduciary duties to shareholders.
On October 9, 2013, Ariad disclosed that one of its products, a last-line treatment for certain types of chronic myeloid leukemia, had demonstrated higher than expected rates of blood clots and related health problems. Two days later, the FDA announced that it was investigating life-threatening blood clots and narrowing of blood vessels in patients using the medication. On October 18, 2013, the Company agreed to terminate a trial of the drug. On October 31, 2013, the Company disclosed that it would suspend sales of the drug.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Ariad shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP