SAN DIEGO, CA / ACCESSWIRE / January 7, 2020 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in Celgene Corporation (NASDAQ:CELG) shares.
Investors, who purchased shares of Celgene Corporation (NASDAQ:CELG) in 2016 or earlier and continue to hold any of your NASDAQ: CELG shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On March 29, 2018, a lawsuit was filed against Celgene Corporation over alleged securities laws violations. The plaintiff alleged that the defendants failed to disclose that trials for GED-0301 suffered from fatal design defects, such that GED-0301 had failed to demonstrate meaningful clinical efficacy, and that, as a result, there was an undisclosed risk and high likelihood that Celgene would be unable to develop GED-0301 into a commercially viable treatment for Crohn's disease. In addition, defendants also failed to disclose that the growth of Otezla sales had dramatically slowed during Celgene's third fiscal quarter of 2017 and that the clinical and nonclinical pharmacology data in Celgene's new drug application ("NDA") for Ozanimod were insufficient to permit a complete review by the FDA, which resulted in the FDA issuing a refusal to file letter to Celgene regarding the NDA. As a result of these false statements and/or omissions, the price of Celgene stock was artificially inflated between September 12, 2016 and February 27, 2018 to over $145 per share.
On December 10, 2018 an amended complaint was filed and on February 8, 2019, the defendants filed a motion to dismiss the amended complaint. On February 27, 2019, a second amended complaint was filed and the defendants filed a motion to dismiss the second amended complaint. On December 19, 2019, the court issued an order granting in part and denying in part defendants' motion to dismiss.
Those who purchased Celgene Corporation (NASDAQ:CELG) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.