Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Orexigen Therapeutics, Inc.
March 11, 2015
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of California on behalf of purchasers (the “Class”) of common stock of Orexigen Therapeutics, Inc. (“Orexigen” or the “Company”) (NASDAQ: OREX) during the period of March 3, 2015 and March 5, 2015 (the “Class Period”).
Orexigen is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity, including Contrave, which it claims “regulates appetite and energy expenditure through [central nervous system] activity.”
On March 3, 2015, Orexigen’s stock significantly increased following a statement made by the Company that, according to interim study results, a patient group taking Contrave had fewer serious cardiovascular problems than those who took a placebo. The complaint alleges that the Company was previously admonished by the FDA for inappropriately releasing interim study data in the past.
On March 5, 2015, Forbes issued a report quoting an FDA official charged with overseeing the Contrave post-market clinical trial program. The FDA official stated that the data from the interim study report was probably “unreliable,” “misleading,” and “likely false,” with the Forbesreport warning that “[i]f Orexigen cannot find a way to set things right, it could face fines, civil penalties, or even the withdrawal of Contrave from the market.”
On this news, shares of Orexigen fell over 12% during intraday trading to trade at $7.03 on March 6, 2015.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Orexigen common stock during the Class Period. If you invested in Orexigen common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 11, 2015.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Orexigen shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of California.