NEW YORK, Oct. 7, 2016 /PRNewswire-USNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ariad Pharmaceuticals, Inc. ("Ariad" or the "Company") (NASDAQ: ARIA) (ISIN: US04033A1007). Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Ariad and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 6, 2016, online publication The Street published an article entitled "How Ariad Pharma Used a Safety Problem to Jack Up a Cancer Drug's Price," describing the circumstances surrounding the Company's fourth price hike for its leukemia drug Iclusig. The article reported that after the U.S. Food and Drug Administration, having temporarily pulled Iclusig from the market, allowed Iclusig back on the market with a reduced recommended dose and more restricted approved use, Ariad "embarked on a series of massive price increases" for its now-niche drug, "instead of reducing its price tag to reflect less benefit overall."
On this news, Ariad's share price fell $0.52, or 3.75%, to close at $13.35 on October 6, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE Pomerantz LLP