CASES
Arena Pharmaceuticals, Inc.
Class Period: Dec 8, 2008 to Sep 17, 2010
Lead Plaintiff Deadline: Nov 19, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Arena Pharmaceuticals, Inc. (ARNA) ("Arena" or the "Company") on behalf of all securities purchasers from May 11, 2009 through September 16, 2010, inclusive ("Class Period"), in the United States District Court for the Southern District of California.
The complaint alleges that throughout the Class Period Arena represented to investors that the New Drug Application ("NDA") for its drug lorcaserin, or Lorqess, was based on extensive and robust data, and, that lorcaserin's combination of efficacy, safety and tolerability would position the drug candidate as first-line therapy for weight management.
Furthermore, on September 14, 2010, investors began to learn the truth about lorcaserin when the FDA disclosed a Briefing Document titled NDA 22529 Lorqess (lorcaserin hydrochloride) Tablets, 10 mg Sponsor: Arena Pharmaceuticals Advisory Committee - September 16, 2010, which revealed, among other things, that lorcaserin caused cancer in rats in certain preclinical studies.
On September 14, 2010, Arena shares declined from a close on September 13, 2010 of $6.85 per share, to close at $4.13 per share, a decline of $2.71 per share or approximately 40%. On September 16, 2010, the Wall Street Journal reported a federal advisory panel rejected lorcaserin. On September 17, 2010, Arena shares declined an additional $1.99 per share or approximately 47%.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.