NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A., a global investor rights firm, announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Orexigen Therapeutics, Inc. (NASDAQ:OREX) between March 3, 2015 and March 5, 2015. The lawsuit seeks to recover investors’ losses under the federal securities laws.
To join the Orexigen class action, visit the firm’s website at http://www.rosenlegal.com/cases-535.html, or contact Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The lawsuit alleges that as part of the FDA’s post-marketing approval process for its drug Contrave, the Company was required to conduct a “new … study to evaluate the effects of long-term treatment with Contrave on the incidence of [major adverse cardiac events] in overweight and obese subjects with [cardiovascular] disease or multiple [cardiovascular] risk factors.” On March 3, 2015, the Company disclosed detailed interim results of its ongoing study despite the fact that the Company had been previously admonished by the FDA for inappropriately releasing interim study data. On March 5, 2015, Forbes.com published a report that quoted an FDA official as saying the interim data from the study was unreliable and misleading, and could lead to Contrave being withdrawn from the market. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than May 11, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to http://www.rosenlegal.com/cases-535.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.