Robbins LLP: Array BioPharma Inc. (ARRY) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Array BioPharma Inc. (NasdaqGM: ARRY). The complaint is brought on behalf of all purchasers of Array securities between December 16, 2015 and March 17, 2017, for alleged violations of the Securities Exchange Act of 1934 by Array’s officers and directors. Array, a biopharmaceutical company, develops small molecule drugs to treat patients with cancer in North America, Europe, and the Asian Pacific. Array’s lead cancer drug is known as binimetinib and is designed to treat NRAS-mutant melanoma.
Array Accused of Touting False Promises About Its Drug
According to the complaint, on December 16, 2015, Array announced positive results from the company’s Phase 3 NEMO trial, “which suggest binimetinib has the potential to provide an important new treatment option for patients with advanced NRAS melanoma.” The company continued to tout binimetinib, calling it the “first and only MEK inhibitor to demonstrate improvement on progression free survival in a Phase 3 trial for NRAS mutant melanoma patients.” Array, however, was aware that NEMO’s lack of supporting clinical data would be insufficient for binimetinib to receive approval by the U.S. Food and Drug Administration. On March 19, 2017, Array announced the withdrawal of the binimetinib new drug application, subsequently calling it a clear setback for the company and management’s regulatory and commercial strategy. As the truth was revealed over the course of two trading days, Array’s stock fell over 14% to close at $9.13 per share on March 21, 2017.
Array Shareholders Have Legal Options
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