CINCINNATI, April 14, 2010 (GLOBE NEWSWIRE) -- The class action law firm of Statman Harris & Eyrich, LLC announced today that it is investigating Orexigen Therapeutics, Inc. (Nasdaq:OREX) for potential violations of state and federal securities laws. The affected stock was purchased between July 20, 2009 and April 12, 2010.
The firm's investigation was triggered on April 13, 2010 when Orexigen submitted a clinical amendment indicating that Orexigen's previous statements regarding the effectiveness of its obesity drug Contrave were overstated. In response to the news, Orexigen shares plummeted from $5.73 to approximately $5.10, an 11% decline. The investigation focuses on allegations that statements made by Orexigen during the relevant period regarding the effectiveness of Contrave were materially false and/or misleading.
Shareholders who purchased Orexigen stock between June 20, 2009 and April 12, 2010 may have a claim against the company and are encouraged to contact attorneys Melinda Nenning or Elizabeth Hutton at 513-658-8867 or 513-621-2666 or at mnenning@statmanharris.com or ehutton@statmanharris.com for more information free of charge.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio.
www.statmanharris.com