BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of Orexigen Therapeutics, Inc. (“Orexigen” or the “Company”) (NASDAQ: OREX) who purchased the Company’s 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.
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.
If you purchased Orexigen securities between March 3 and March 5, 2015, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.