LOS ANGELES, CA / ACCESSWIRE / March 7, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Aradigm Corporation ("Aradigm" or the "Company") (NASDAQ: ARDM) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between July 27, 2017 and January 8, 2018, inclusive (the "Class Period"), are encouraged to contact the firm before March 12, 2018, the lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the complaint, the Company issued materially false and/or misleading statements and/or failed to disclose that: (1) 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; (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, Aradigm's public statements were materially false and misleading at all relevant times. When the truth was revealed to the investing public, shares dropped causing investors harm.
The Schall Law Firm represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
SOURCE: The Schall Law Firm