The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Aradigm Corporation (NASDAQ : ARDM) securities between July 27, 2017 and January 8, 2018.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) 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; (iii) accordingly, these studies were unlikely to support FDA approval of the Linhaliq NDA; and (iv) as a result, Aradigm's public statements were materially false and misleading at all relevant times. On January 9, 2018, the FDA released its briefing document for the January 11, 2018 meeting of the Antimicrobial Drugs Advisory Committee to discuss the New Drug Application for Linhaliq™ for the proposed indication of treatment of non-cystic fibrosis bronchiectasis. The FDA stated that “there were too many uncertainties with regard to duration of treatment, frequency of administration and endpoints to allow for reliance on a single Phase 3 trial” of the drug, and the FDA recommended Aradigm conduct “two independent trials” to provide evidence supporting the drug’s “overall demonstration of efficacy and safety.”
If you suffered a loss in Aradigm Corporation you have until March 12, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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