A lawsuit was filed on behalf of investors in Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares over alleged securities laws violations and NASDAQ:OREX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/16/2015 -- An investor, who purchased shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX), filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Orexigen Therapeutics, Inc. in connection with certain allegedly false and misleading statements made between March 3, 2015 and March 5, 2015.
Investors who purchased a significant amount of shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) between March 3, 2015 and March 5, 2015, and / or those who purchased any NASDAQ:OREX shares prior to 2015 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: May 11, 2015. NASDAQ:OREX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Orexigen Therapeutics, Inc. (NASDAQ:OREX) common shares between March 3, 2015 and March 5, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that as part of the FDA post-marketing approval process for Contrave, Orexigen Therapeutics, Inc. was required to conduct "a new randomized, double-blind, placebo-controlled study to evaluate the effects of long-term treatment with Contrave on the incidence of [major adverse cardiac events, or 'MACE'] in overweight and obese subjects with [cardiovascular] disease or multiple [cardiovascular] risk factors," referred to as the "LIGHT study."
Orexigen Therapeutics, Inc. reported that its annual Total Revenue increased from$3.43 million in 2013 to $55.52 million in 2014 and that its respective Net Loss declined from $77.67 million to $37.52 million.
On March 3, 2015, in connection with reporting to investors the status of certain patent applications Orexigen Therapeutics, Inc had sought for Contrave, Orexigen Therapeutics, Inc disclosed certain interim results of its ongoing LIGHT study. Shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) grew to as high as $9.37 per share on March 3, 2015.
Then on March 5, 2015, a report was published that said that an FDA official noted that interim study results are unreliable. Dr. John Jenkins, the FDA's director of the Office of New Drugs, also said that the results must be kept confidential to avoid compromising the trial's integrity so researchers can get a clear sense of any cardiovascular risk that comes with the drug. The report added that the agency also is concerned about doctors and patients making health care decisions based on unreliable data. Shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) declined to as low as $6.76 per share on March 6, 2015.
Those who purchased shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) have certain options and should contact the Shareholders Foundation.
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