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April 28, 2021 - A stipulation of settlement was filed by the parties.
November 24, 2020 - The court denied the defendants' motion to dismiss.
June 11, 2018 - A motion to dismiss the amended complaint was filed.
April 26, 2018 - An amended complaint was filed.
November 20, 2017 - An investor in shares of Array Biopharma Inc (NASDAQ: ARRY) filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Array Biopharma Inc in connection with certain allegedly false and misleading statements made between December 16, 2015 and March 17, 2017.
Boulder, CO based Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. Array Biopharma Inc reported that its Total Revenue rose from $137.88 million for the 12 months period that ended on June 30, 2016 to $150.85 million for the 12 months period that ended on June 30, 2017 while its Net Loss over those time periods increased from $92.84 million to $116.82 million.
According to the complaint the plaintiff alleges on behalf of purchasers of Array Biopharma Inc (NASDAQ: ARRY) common shares between December 16, 2015 and March 17, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 16, 2015 and March 17, 2017, the defendants issued materially false and/or misleading statements and/or failed to disclose that Array Biopharma Inc’s NEMO study failed to show sufficient clinical benefit of the binimetinib NDA in use for patients with NRAS-mutant melanoma, that 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 that as a result of the foregoing, Array’s public statements were materially false and misleading at all relevant times.
On March 19, 2017, Array Biopharma Inc announced the withdrawal of the binimetinib NDA in use for patients with NRAS-mutant melanoma.
On May 10, 2017, during a conference call to discuss the Company’s financial and operating results for the third fiscal quarter ended March 31, 2017, Array Biopharma Inc’s CEO Ron Squarer stated that Array Biopharma Inc lacked sufficient data to support approval of the NDA.
Shares of Array Biopharma Inc (NASDAQ: ARRY) declined from $12.56 per share in February 2017 to as low as $6.73 per share in May 2017. On November 21, 2017, NASDAQ: ARRY shares closed at $11.21 per share.