December 6, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Ambit Biosciences Corp (NASDAQ:AMBI) shares over potential securities laws violations by Ambit Biosciences and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Ambit Biosciences Corp (NASDAQ:AMBI) concerning whether a series of statements by Ambit Biosciences regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Ambit Biosciences Corp reported that its annual Total Revenue declined from $23.84 million in 2011 to $17.63 million in 2012 and while its Net Loss decreased from $37.63 million to $26.65 million.

Shares of Ambit Biosciences Corp (NASDAQ:AMBI) grew from $6.60 per share in June 2013 to as high as $18.29 per share in Octboer 2013.

Then on December 3, 2013, Ambit Biosciences Corp announced a regulatory update after receiving feedback from the U.S. Food and Drug Administration (FDA) on the development of quizartinib (AC220), the Company's lead drug candidate, for the treatment of relapsed/refractory acute myeloid leukemia.

Among other things, Ambit Biosciences Corp said that the FDA informed the Company it does not agree that complete remission with incomplete hematologic recovery (CRi) represents a surrogate endpoint reasonably likely to predict clinical benefit. Ambit Biosciences Corp said that dased on the FDA's current position, the Company does not plan at this time to submit a NDA for accelerated approval of quizartinib based on the Phase 2 and 2b clinical trial data.

Shares of Ambit Biosciences Corp dropped from $12.99 per share on December 3, 2013, to $8.09 per share on December 4, 2013.

On December 6, 2013, NASDAQ:AMBI shares closed at $8.02 per share.