Image via Wikipedia I received a Class Action Notice from William Pratt on Arena Pharmaceuticals. Plaintiffs have until November 19, 2010 to move to court. You must have been an investor from December 8, 2009 anytime until September 16, 2010. I actually sold my shares before the decline so I didn't really lose that much money, but I realize that many people did lose a lot of money over this stock. I advised people to sell when I didn't like what I saw.
Numerous Law Firms are Filing Class Action Lawsuits against Arena Pharmaceuticals. This cannot be good for the future of the company. I personally did not lose a huge sum of money and warned people against the dangers of the FDA decisions being made or not being made by the FDA. This actually came down because of an FDA panel lack of recommendation.
Arena Pharmaceuticals, Inc. Class Action Litigation.: Filed Case
Spector Roseman Kodroff & Willis, P.C. Announces Class Action Lawsuits Against Arena Pharmaceuticals, Inc. -- ARNA
PHILADELPHIA, Oct 5, 2010 (GlobeNewswire via COMTEX) -- Spector Roseman Kodroff & Willis, P.C. ("SRKW") announces that class action lawsuits have been brought on behalf of purchasers of the securities of Arena Pharmaceuticals, Inc. ("Arena" or the "Company") ARNA 1.67, +0.03, +1.83%) between December 8, 2008 and September 16, 2010, inclusive ("Class Period").
If you purchased Arena securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 19, 2010. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any subsequent recovery in this action will not be affected by your decision whether to seek appointment as lead plaintiff.
The actions, pending in the United States District Court for the Southern District of California, were brought against Arena and certain of its officers for violations of federal securities laws. Arena, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing oral drugs that target G protein-coupled receptors. Arena's principal drug under development is Lorcaserin, an experimental weight loss drug.
The complaints allege that throughout the Class Period, defendants made materially false statements regarding Lorcaserin. Specifically, defendants allegedly touted Lorcaserin's purported efficacy, safety, and tolerability but failed to disclose certain health risks associated with the drug. On September 14, 2010, the Food and Drug Administration ("FDA") issued a briefing document in advance of its advisory panel meeting that questioned the safety and efficacy of Lorcaserin and revealed, among other things, that the drug was associated with malignant tumors in rats. On this news, the price of Arena common stock fell $2.72 per share, or nearly 40 percent, to close at $4.13 per share on September 14, 2010. On September 16, 2010, the FDA advisory panel reportedly rejected Lorcaserin due to concerns with the drug's efficacy and potential safety problems. The following day, September 17, 2010, Arena's stock fell another $1.75 per share, or approximately 47 percent, to close at $1.99 per share.
If you want to consider serving as a lead plaintiff and you bought Arena securities between December 8, 2008 and September 16, 2010, or wish to discuss this matter further, you are encouraged to contact the following SRKW attorneys via telephone or e-mail:
Robert M. Roseman, Esquire
David Felderman, EsquireSpector Roseman Kodroff & Willis, P.C.
Phone: (215) 496-0300
Toll Free : (888) 844-5862
e-mail: classaction@srkw-law.com
About SRKW
SRKW has been representing individual and institutional investors for nearly three decades, serving as lead counsel in numerous securities class actions in U.S. federal and state courts. Please visit the firm's website (http://www.srkw-law.com) for more information about the firm.
The Spector Roseman Kodroff & Willis, P.C. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2010
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Spector Roseman Kodroff & Willis, P.C.
CONTACT: Spector Roseman Kodroff & Willis, P.C.
(215) 496-0300
(888) 844-5862
Spector Roseman Kodroff & Willis, P.C. is one of the leading class action law firms, recovering billions of dollars on behalf of investors, consumers and businesses in areas such as securities fraud, consumer protection and antitrust.
With U.S. offices in Philadelphia and Washington, DC, and affiliated offices around the world, SRKW and its global team help look after clients’ interests wherever they are impacted — the only plaintiffs’ firm providing its U.S. and international clients with truly worldwide protection.
Arena Pharmaceuticals (NASDAQ: ARNA) Securities Investigation-Girard Gibbs
Girard Gibbs Files Class Action Lawsuit On Behalf of Arena Pharmaceuticals Investors
Girard Gibbs has filed a class action lawsuit on behalf of investors of Arena Pharmaceuticals, Inc. (“Arena”) (NASDAQ: ARNA) who purchased Arena common stock between December 8, 2008, and September 16, 2010. The complaint charges Arena Pharmaceuticals with violations of federal securities laws for issuing false and misleading statements regarding its principal drug in development, Lorcaserin (lorcaserin hydrochloride), an experimental weight loss drug.View Arena Pharmaceuticals Class Action Complaint
View Arena Pharmaceuticals Class Action Press Release
If you invested in Arena Pharmaceuticals stock and would like to learn more about our case, please complete the form to the right or call us at (866) 981 4800.
Did You Invest in Arena Pharmaceuticals?
Girard Gibbs is investigating Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) for possible violations of federal securities laws for its promotion of Lorcaserin, a weight-loss drug recently rejected by an FDA advisory committee.
Arena Pharmaceuticals is a biopharmaceutical company specializing in the development of oral drugs for the treatment of cardiovascular, central nervous system, inflammatory, and metabolic diseases.
Lorcaserin, Arena’s principal drug in development, is an experimental weight loss drug that has been promoted by Arena as an effective and safe weight loss treatment option. Discussions of the drug have figured prominently in the company’s press releases and quarterly reports since early 2009. Arena’s President and CEO, Jack Lief touted Lorcaserin as “[A]n important new treatment option for patients needing to better manage their weight and improve their overall health.”
FDA Panel Rejects Lorcaserin
On September 14, 2010, the Food and Drug Administration (FDA) released a document in advance of its advisory panel meeting in which the agency questioned both the safety and efficacy of Lorcaserin. On this news, the market price of ARNA fell $2.72 per share to close at $4.13 per share on September 14, 2010 -- a one-day decline of 40% on high volume.
Two days later, on September 16, 2010, an FDA advisory panel voted 9 to 5 to reject the drug, finding that there were still unresolved safety questions that outweighed the projected benefits of the pill. The panel also noted results of rat carcinogenicity studies, and concerns about the drug’s link to cancer after tumors were found in rats who were tested with the drug. On the news of the Panel's rejection, Arena's stock fell another $1.75 per share to close at $1.99 per share on September 17, 2010 -- a one-day decline of over 46% and a 75% decline from the stock's Class Period high.
Our Legal Investigation
Girard Gibbs is investigating whether Arena Pharmaceuticals violated federal securities laws by issuing statements that might have been false and misleading regarding its business and financial prospects relating to Lorcaserin.
If you invested in Arena Pharmaceuticals stock and would like to learn more about our investigation, please complete the form to the right or call us at (866) 981 4800.
About Girard Gibbs LLP
Girard Gibbs is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been chosen as Superlawyers by Law & Politics, recognizing them as among the top 5-percent of attorneys practicing in Northern California.
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- Spector Roseman Kodroff & Willis, P.C. Announces Investigation of Inergy Holdings, L.P. (eon.businesswire.com)
- Arena Pharmaceuticals Investigated by Goldfarb Branham Law Firm LLP (eon.businesswire.com)
- Investor Notice: The Rosen Law Firm Announces Filing of Securities Class Action Against Arena Pharmaceuticals, Inc. - ARNA (eon.businesswire.com)
- Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits Against Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) (eon.businesswire.com)
- Arena's Obesity Drug Likely to Pass FDA Panel With Flying Colors (seekingalpha.com)
- FDA Panel Thumbs-Down For Arena and Eisai's Diet Pill Lorcaserin (Lorqess) (cenblog.org)
- Arena Pharmaceuticals Hammered by FDA Concerns (bloggingstocks.com)
- Lorcaserin: FDA Panel Rejects Obesity Pill (nowpublic.com)
- Girard Gibbs LLP Files Class Action Lawsuit Against Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) (eon.businesswire.com)
If you purchased Arena securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 19, 2010. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any subsequent recovery in this action will not be affected by your decision whether to seek appointment as lead plaintiff.
The actions, pending in the United States District Court for the Southern District of California, were brought against Arena and certain of its officers for violations of federal securities laws. Arena, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing oral drugs that target G protein-coupled receptors. Arena's principal drug under development is Lorcaserin, an experimental weight loss drug.
The complaints allege that throughout the Class Period, defendants made materially false statements regarding Lorcaserin. Specifically, defendants allegedly touted Lorcaserin's purported efficacy, safety, and tolerability but failed to disclose certain health risks associated with the drug. On September 14, 2010, the Food and Drug Administration ("FDA") issued a briefing document in advance of its advisory panel meeting that questioned the safety and efficacy of Lorcaserin and revealed, among other things, that the drug was associated with malignant tumors in rats. On this news, the price of Arena common stock fell $2.72 per share, or nearly 40 percent, to close at $4.13 per share on September 14, 2010. On September 16, 2010, the FDA advisory panel reportedly rejected Lorcaserin due to concerns with the drug's efficacy and potential safety problems. The following day, September 17, 2010, Arena's stock fell another $1.75 per share, or approximately 47 percent, to close at $1.99 per share.
If you want to consider serving as a lead plaintiff and you bought Arena securities between December 8, 2008 and September 16, 2010, or wish to discuss this matter further, you are encouraged to contact the following SRKW attorneys via telephone or e-mail:
Robert M. Roseman, Esquire
David Felderman, EsquireSpector Roseman Kodroff & Willis, P.C.
Toll Free : (888) 844-5862
e-mail: classaction@srkw-law.com
About SRKW
SRKW has been representing individual and institutional investors for nearly three decades, serving as lead counsel in numerous securities class actions in U.S. federal and state courts. Please visit the firm's website (http://www.srkw-law.com) for more information about the firm.
The Spector Roseman Kodroff & Willis, P.C. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2010
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Spector Roseman Kodroff & Willis, P.C.
CONTACT: Spector Roseman Kodroff & Willis, P.C.
(888) 844-5862
Spector Roseman Kodroff & Willis, P.C. is one of the leading class action law firms, recovering billions of dollars on behalf of investors, consumers and businesses in areas such as securities fraud, consumer protection and antitrust.
With U.S. offices in Philadelphia and Washington, DC, and affiliated offices around the world, SRKW and its global team help look after clients’ interests wherever they are impacted — the only plaintiffs’ firm providing its U.S. and international clients with truly worldwide protection.
Girard Gibbs Files Class Action Lawsuit On Behalf of Arena Pharmaceuticals Investors
Girard Gibbs has filed a class action lawsuit on behalf of investors of Arena Pharmaceuticals, Inc. (“Arena”) (NASDAQ: ARNA) who purchased Arena common stock between December 8, 2008, and September 16, 2010. The complaint charges Arena Pharmaceuticals with violations of federal securities laws for issuing false and misleading statements regarding its principal drug in development, Lorcaserin (lorcaserin hydrochloride), an experimental weight loss drug.View Arena Pharmaceuticals Class Action Complaint
View Arena Pharmaceuticals Class Action Press Release
If you invested in Arena Pharmaceuticals stock and would like to learn more about our case, please complete the form to the right or call us at (866) 981 4800.
Did You Invest in Arena Pharmaceuticals?
Girard Gibbs is investigating Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) for possible violations of federal securities laws for its promotion of Lorcaserin, a weight-loss drug recently rejected by an FDA advisory committee.
Arena Pharmaceuticals is a biopharmaceutical company specializing in the development of oral drugs for the treatment of cardiovascular, central nervous system, inflammatory, and metabolic diseases.
Lorcaserin, Arena’s principal drug in development, is an experimental weight loss drug that has been promoted by Arena as an effective and safe weight loss treatment option. Discussions of the drug have figured prominently in the company’s press releases and quarterly reports since early 2009. Arena’s President and CEO, Jack Lief touted Lorcaserin as “[A]n important new treatment option for patients needing to better manage their weight and improve their overall health.”
FDA Panel Rejects Lorcaserin
On September 14, 2010, the Food and Drug Administration (FDA) released a document in advance of its advisory panel meeting in which the agency questioned both the safety and efficacy of Lorcaserin. On this news, the market price of ARNA fell $2.72 per share to close at $4.13 per share on September 14, 2010 -- a one-day decline of 40% on high volume.
Two days later, on September 16, 2010, an FDA advisory panel voted 9 to 5 to reject the drug, finding that there were still unresolved safety questions that outweighed the projected benefits of the pill. The panel also noted results of rat carcinogenicity studies, and concerns about the drug’s link to cancer after tumors were found in rats who were tested with the drug. On the news of the Panel's rejection, Arena's stock fell another $1.75 per share to close at $1.99 per share on September 17, 2010 -- a one-day decline of over 46% and a 75% decline from the stock's Class Period high.
Our Legal Investigation
Girard Gibbs is investigating whether Arena Pharmaceuticals violated federal securities laws by issuing statements that might have been false and misleading regarding its business and financial prospects relating to Lorcaserin.
If you invested in Arena Pharmaceuticals stock and would like to learn more about our investigation, please complete the form to the right or call us at (866) 981 4800.
About Girard Gibbs LLP
Girard Gibbs is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. The firm’s senior partners, Daniel Girard and Eric Gibbs, have been chosen as Superlawyers by Law & Politics, recognizing them as among the top 5-percent of attorneys practicing in Northern California.
Related articles
- Spector Roseman Kodroff & Willis, P.C. Announces Investigation of Inergy Holdings, L.P. (eon.businesswire.com)
- Arena Pharmaceuticals Investigated by Goldfarb Branham Law Firm LLP (eon.businesswire.com)
- Investor Notice: The Rosen Law Firm Announces Filing of Securities Class Action Against Arena Pharmaceuticals, Inc. - ARNA (eon.businesswire.com)
- Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits Against Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) (eon.businesswire.com)
- Arena's Obesity Drug Likely to Pass FDA Panel With Flying Colors (seekingalpha.com)
- FDA Panel Thumbs-Down For Arena and Eisai's Diet Pill Lorcaserin (Lorqess) (cenblog.org)
- Arena Pharmaceuticals Hammered by FDA Concerns (bloggingstocks.com)
- Lorcaserin: FDA Panel Rejects Obesity Pill (nowpublic.com)
- Girard Gibbs LLP Files Class Action Lawsuit Against Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) (eon.businesswire.com)
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