NEW YORK, Jan. 12, 2018 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Aradigm Corporation (“Aradigm” or the “Company”) (NASDAQ:ARDM) in the United States District Court for the Northern District of California on behalf of a class consisting of investors who purchased or otherwise acquired Aradigm securities on the open market from July 27, 2017 through January 8, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the methodology underlying the Company’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; (2) 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; (3) accordingly, these studies were unlikely to support FDA approval of the Linhaliq NDA; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the March 12, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected]
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