NEW YORK, Dec. 02, 2016 (GLOBE NEWSWIRE) -- Stull, Stull & Brody commenced a class action lawsuit against Arrowhead Pharmaceuticals, Inc. ("Arrowhead" or the "Company") (Nasdaq: ARWR ) and its President and CEO Christopher R. Anzalone and CFO Kenneth A. Myszkowski in the United States District Court for the Central District of California on behalf of investors who purchased or otherwise acquired Arrowhead common shares between May 11, 2015, and November 29, 2016, inclusive (the "Class Period"), pursuant to the Securities and Exchange Act of 1934 (“Exchange Act”).
If you purchased or acquired Arrowhead shares during the Class Period and wish to serve as a lead plaintiff you may move the Court no later than January 17, 2017 ; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Melissa Emert, at 954-341-5561, or by email to arwr@ssbny.com .
The complaint alleges that Arrowhead, in violation of federal securities laws, made false and/or misleading statements and/or failed to disclose that: its drug candidate ARC-520 was fatal at certain doses to primates in their toxicology study; the U.S. Food & Drug Administration was unlikely to approve ARC-520; Arrowhead overstated the approval prospects and commercial viability of ARC-520, ARC-521 and ARC-AAT; and as a result of the above, Arrowhead's public statements were materially false and misleading at all relevant times. Indeed, on November 29, 2016, Arrowhead revealed that it was discontinuing development of its clinical stage drug candidates ARC-520, ARC-521 and ARC-AAT and reducing its workforce by approximately 30%. When the true details entered the market, the lawsuit claims that investors suffered damages.
Any member of the proposed class may move the Court for lead plaintiff appointment. In order to be appointed lead plaintiff, the Court must determine that a class member's claim is typical of the claims of other class members and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether to serve as lead plaintiff. You may retain Stull, Stull & Brody or other counsel of your choice in this action.
For over 40 years, Stull, Stull & Brody has litigated many class actions for violations of securities laws on behalf of defrauded investors and obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody has offices in New York and Beverly Hills. The Stull, Stull & Brody website ( www.ssbny.com ) has additional information about the firm.
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Contact: Melissa Emert, Esq Telephone: 954-341-5561 arwr@ssbny.com
