If you purchased or otherwise acquired shares of CELG between September 12, 2016 and February 27, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing CELG@hbsslaw.com.
Celgene acquired a late-stage developmental drug (“GED-0301”) from Nogra Pharma Limited in April 2014.
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.
This news drove the price of Celgene shares down $14.63, or about 11%, to close at $121.33 on October 20, 2017.
Then, 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 another important drug known as Ozanimod. One analyst asked “How many self-inflicted wounds are excusable?” The analyst reportedly stated Celgene “clearly made a decision to file this application at risk, despite late information that might have been more thoroughly disclosed and explored in the application, had the filing been postponed by a few months.”
This news drove the price of Celgene shares down $8.66, or over 9%, to close at $87.12 on February 28, 2018.
Shortly afterwards, 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’ statements reassuring investors about their steps to replace anticipated lost revenues from the Company’s multiple myeloma drug, including commercialization of 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.