NEW YORK, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Arrowhead Pharmaceuticals, Inc. (“Arrowhead” or the “Company”) (NASDAQ: ARWR ) of the January 16, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Arrowhead common stock between May 11, 2015 and November 8, 2016 (the “Class Period”). The case, Meller v. Arrowhead Pharmaceuticals, Inc. et al , No. 2:16-cv-08505 was filed on November 15, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) ARC-520, an RNAi-based therapeutic to treat chronic hepatitis B virus infection, was fatal at certain doses; (ii) consequently, the U.S. Food & Drug Administration (“FDA”) was unlikely to approve ARC-520 as a hepatitis B treatment; (iii) the Company overstated the approval prospects and commercial viability of ARC-520; and (iv) as a result, Arrowhead’s public statements were materially false and misleading.
Specifically, during after-market hours on November 8, 2016, Arrowhead issued a press release announcing that the FDA would be placing a clinical hold on the Company’s Heparc- 2004 clinical study of ARC-520, likely due to deaths at the highest dose of an ongoing non-human primate toxicology study.
After this announcement, Arrowhead’s share price fell from $6.11 per share on November 8, 2016 to a closing price of $4.20 on November 9, 2016—a $1.91 or a 31.26% drop.
Request more information now by clicking here: www.faruqilaw.com/ARWR . There is no cost or obligation to you.
Take Action
If you invested in Arrowhead common stock or options between May 11, 2015 and November 8, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/ARWR . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Arrowhead’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
