LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased Aradigm Corporation (“Aradigm” or the “Company”) (NASDAQ: ARDM) securities between July 27, 2017 and January 8, 2018, inclusive (the “Class Period”). Aradigm investors have until March 12, 2018 to file a lead plaintiff motion. To obtain information or actively participate in the class action, please visit the Aradigm page on our website at www.glancylaw.com/case/aradigm-corporation.
Investors suffering losses on their Aradigm investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
On January 9, 2018, the U.S. Food and Drug Administration (“FDA”) released its briefing document for the January 11, 2018 meeting of the Antimicrobial Drugs Advisory Committee to discuss the New Drug Application for Linhaliq™ for the proposed indication of treatment of non-cystic fibrosis bronchiectasis (“NCFB”). The FDA stated that “there were too many uncertainties with regard to duration of treatment, frequency of administration and endpoints to allow for reliance on a single Phase 3 trial” of the drug, and that the FDA recommended Aradigm conduct “two independent trials” to provide evidence supporting the drug’s “overall demonstration of efficacy and safety.” On this news, Aradigm's share price fell $2.28, or 38.12%, to close at $3.70 per share on January 9, 2018.
The complaint filed in this class action 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) the methodology underlying Aradigm’s Linhaliq Phase III clinical trials was not well tailored to yield consistent efficacy findings or to provide data sufficient to account for discordant efficacy findings; (ii) the endpoint of the Phase III trials - namely, delaying the time to first exacerbation on study therapy compared to placebo over approximately one year of observation - was unlikely to demonstrate a clinically meaningful benefit with respect to a patient population that would likely be taking the drug for a longer duration; (iii) accordingly, these studies were unlikely to support FDA approval of the Linhaliq NDA; and (iv) as a result, Aradigm's public statements were materially false and misleading at all relevant times.
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If you purchased shares of Aradigm during the Class Period you may move the Court no later than March 12, 2018 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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