BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors who purchased Orexigen Therapeutics, Inc. (“Orexigen” or the “Company”) (NASDAQ:OREX) between March 3, 2015 and March 5, 2015, inclusive (the “Class Period”) of the May 11, 2015 lead plaintiff deadline. Investors are advised to contact the law firm to discuss their legal rights concerning the class action pending before the District Court for the Southern District of California.
The complaint alleges that the Company failed to disclose to investors that the United States Food and Drug Administration (“FDA”) had previously warned the Company about inappropriately releasing interim study data. Furthermore, notwithstanding these prior warnings, the Company inappropriately released its “LIGHT study” interim data on March 3, 2015. Following the release of the LIGHT study data, Orexigen shares rose by nearly 40% and closed on March 5, 2015 at $8.01, a two day increase of $2.22 per share, on volume of over 150 million shares.
Then on March 5, 2015, after the close of trading, Forbes published an article entitled, “Top FDA Official Says Orexigen Study Result ‘Unreliable,’ ‘Misleading.’” The article contained comments from an FDA official, charged with overseeing Orexigen’s approval process, that characterized the Orexigen data as “unreliable,” “misleading,” and “likely false.” On this news, the price of Orexigen shares sharply declined, by over 10% per share, causing harm to investors who had relied on the Company’s allegedly misleading statements.
If you purchased Orexigen shares during the Class Period, 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.