August 31, 2016 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Array Biopharma Inc (NASDAQ:ARRY) was announced over potential breaches of fiduciary duties by certain officers and directors at Array Biopharma Inc.
The investigation by a law firm concerns whether certain Array Biopharma directors breached their fiduciary duties and caused damage to the company and its shareholders.
Array Biopharma Inc reported that its Total Revenue rose from $51.91 million for the 12 months period that ended on June 30, 2015 to $137.88 million for the 12 months period that ended on June 30, 2016 while its Net Income of $9.37 million declined to a Net Loss of $92.84 million over those respective time periods.
Shares of Array Biopharma Inc (NASDAQ:ARRY) declined from as high as $8.24 per share in February 2015 to as low as $2.50 per share in February 2016.
On August 31, 2016, NASDAQ:ARRY shares closed at $3.43 per share.