LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors in Orexigen Therapeutics, Inc. (“Orexigen” or the “Company”) (NASDAQ: OREX) who purchased the Company’s securities between March 3 and March 5, 2015, inclusive (the “Class Period”) of the May 11, 2015 deadline to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
Investors who purchased Orexigen shares during the Class Period are encouraged to contact Lesley Portnoy of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased. If you are a member of the Class described above, you may move the Court no later than May 11, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
Orexigen is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity. Its top drug development candidate is Contrave, which it claims “regulates appetite and energy expenditure through [central nervous system] activity.” On March 3, 2015, Orexigen disclosed the interim results of its ongoing LIGHT study, which showed that the drug actually reduced cardiovascular risks compared to a placebo.
Then, after the close of trading on March 5, 2015, Forbes published a report entitled, “Top FDA Official Says Orexigen Study Result ‘Unreliable,’ ‘Misleading.’” the report contained extensive commentary from an FDA official charged with overseeing the Contrave postmarketing clinical trial program who stated that the interim data from the study was probably, “unreliable,” “misleading,” and “likely false.” The Forbes article continued that, “if 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 Orexigen shares fell over 11% or $0.91 per share to close on March 6, 2015 at $7.10 per share.
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