Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Array Biopharma, Inc.

Oklahoma City, OK (November 22, 2017) – On November 20, 2017, a securities class action lawsuit was filed in the United States District Court for the District of Colorado against Array Biopharma, Inc. (NASDAQ: ARRY). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is December 16, 2015 through March 17, 2017. More specifically, this litigation was filed whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (i) Array Biopharma’s Phase III NEMO study failed to show sufficient clinical benefit of the Company’s lead product, binimetinib, New Drug Application (“NDA”) in use for patients with NRAS-mutant melanoma; (ii) it was aware that this lack of supporting clinical data would not be sufficient to receive U.S. Food and Drug Administration (“FDA”) approval of binimetinib; and (iii) as a result, Array Biopharma’s public statements were materially false and misleading at all relevant times.

Specifically, on March 19, 2017 Array Biopharma issued a press release announcing the withdrawal of binimetinib NDA in use for patients with NRAS-mutant melanoma. Then, pre-market on March 20, 2017, biotech analyst John Carroll from Endpoints News published an article entitled “Array walks back its FDA pitch on binimetinib, derailing plans for commercial launch.”

On this news, over the course of two trading days, Array Biopharma’s share price fell from $10.56 per share on March 17, 2017 to a closing price of $9.13 on March 21, 2017—a $1.43 or a 13.54% drop.

Plaintiff seeks to recover damages on behalf of all Array Biopharma, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, January 22, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.