SAN FRANCISCO, May 04, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Celgene Corporation (NASDAQ:CELG) of the May 29, 2018 Lead Plaintiff deadline. If you purchased or otherwise acquired Celgene securities during the expanded class period – between January 12, 2015 and February 27, 2018 – and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/CELG
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
Defendants are accused of withholding adverse information concerning (1) a late-stage developmental drug known as “GED-0301” (acquired from Nogra Pharma Limited in April 2014) since at least September 12, 2016, (2) a drug approved for the treatment of plaque psoriasis and psoriatic arthritis known as “OTEZLA” since January 12, 2015, and (3) a new drug application for Ozanimod (a development stage drug acquired from Receptos in July 2015).
On January 12, 2015 Defendants announced they expected 2017 revenues from OTEZLA to be between $1.5 billion and $2.0 billion.
When on October 19, 2017 Defendants announced Celgene would abandon GED-0301, discontinue ongoing trials, and record a $1.6 billion impairment charge with certain offsets, the price of Celgene shares fell $14.63, or about 11%, to close at $121.33 on October 20, 2017.
When on October 26, 2017 Defendants announced they significantly reduced expected 2017 OTEZLA revenues, the price of Celgene shares fell $19.57, or about 16%, to close at $99.99 that day.
And when on February 27, 2018 Defendants announced the U.S. Food and Drug Administration sent the Company a Refusal to File letter for its new drug application for Ozanimod the price of Celgene shares fell $8.66, or over 9%, to close at $87.12 on February 28, 2018.
On April 2, 2018, Defendants announced Celgene’s President and Chief Operating Officer (Scott A. Smith) immediately left the Company.
“Celgene investors have suffered enormous losses,” said Hagens Berman partner Reed Kathrein. “We’re focused on Defendants’ positive statements about OTEZLA, GED-0301, and Ozanimod.”
Whistleblowers: Persons with non-public information regarding Celgene should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CELG@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000