NEW YORK, NY / ACCESSWIRE / May 25, 2018 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed Celgene Corporation ("Celgene" or the "Company") (NASDAQ: CELG) and certain of its officers, on behalf of shareholders who purchased Celgene securities between January 12, 2015 and February 27, 2018, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/celg.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) the trials for GED-0301 suffered from fatal design defects, such that GED-0301 had failed to demonstrate meaningful clinical efficacy; (2) 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; (3) the growth of Otezla sales had dramatically slowed during Celgene's third fiscal quarter of 2017; and (4) 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.
On October 19, 2017, Celgene announced that it would be dropping GED-0301, discontinuing its current trials, and would record a $1.6 billion impairment charge because of the drug's failure. On October 26, 2017, Celgene identified some of its key drugs that had missed sales expectations for the quarter. Specifically, Otezla – which management had just recently claimed were "going very, very well" – dropped to only 2% U.S. growth, compared to 41% year-over-year growth in the prior quarter.
On February 27, 2018, post-market, Celgene disclosed that the U.S. Food and Drug Administration ("FDA") had rejected the Company's New Drug Application ("NDA") for Ozanimod, a multiple sclerosis treatment. Celgene stated that it had received a refusal-to-file letter from the FDA, which advised the Company that it had "determined that the nonclinical and clinical pharmacology sections in the NDA were insufficient to permit a complete review." On this news, Celgene's share price fell $8.66, or 9.04%, to close at $87.12 on February 28, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/celg or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Celgene you have until May 29, 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
