CELGENE NEW YORK, May 25, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Celgene Corporation ("Celgene" or the "Company") (NASDAQ: CELG) of the May 29, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Celgene stock or options between January 12, 2015 and February 27, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/CELG. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Celgene securities between January 12, 2015 and February 27, 2018 (the "Class Period"). The case, Witchcoff v. Celgene Corporation et al., No. 2:18-cv-08785 was filed on May 3, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically: (i) failed to disclose known trends that were negatively impacting sales of OTEZLA; (ii) overstated the prospects of FDA approval for ozanimod to treat relapsing multiple sclerosis; (iii) overstated GED-0301's commercial prospects as a treatment for Crohn's disease; and (iv) as a result of the foregoing, statements about OTEZLA, ozanimod, and GED0301 were materially false and/or misleading and/or lacked a reasonable basis.
Specifically, on February 27, 2018, the Company stunned investors a third time by announcing that it had received a Refusal to File letter from the FDA regarding its New Drug Application ("NDA") for ozanimod. According to Celgene, "[u]pon its preliminary review, the FDA determined that the nonclinical and clinical pharmacology sections in the NDA were insufficient to permit a complete review" of ozanimod.
After the announcement, Celgene's share price fell from $39.00 per share on February 27, 2018 to a closing price of $32.11 on February 28, 2018 —a $8.66 or a 9% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Celgene's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE Faruqi & Faruqi, LLP
