STEVENSON, Md., Jan. 16, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Aradigm Corporation (Nasdaq:ARDM) (“Aradigm” or the “Company”) securities during the period between July 27, 2017 and January 8, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 12, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Aradigm securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that 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; that the endpoint of the Phase III trials 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; and, that these studies were unlikely to support U.S. Food and Drug Administration (“FDA”) approval of the Linhaliq New Drug Application.
According to the complaint, following a January 9, 2018 FDA announcement that the reasons for the discordance in efficacy findings between trials cannot be explained based on the information collected in the two trials and that, with respect to the clinical trials’ endpoint, it is unclear that delaying the time to first exacerbation on study therapy compared to placebo over approximately one year of observation translates into a clinically meaningful benefit for a patient population that would most likely be on this therapy for long durations, the value of Aradigm shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Aradigm securities purchased on or after July 27, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com