SAN DIEGO, March 24, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Orexigen Therapeutics, Inc. (Nasdaq:OREX) over alleged Federal Securities Laws Violations by Orexigen Therapeutics in connection with certain allegedly false and misleading statements made between March 3, 2015 and March 5, 2015.
Investors who purchased a significant amount of shares of Orexigen Therapeutics, Inc. (Nasdaq:OREX) between March 3, 2015 and March 5, 2015, and / or investors who purchased (Nasdaq:OREX) shares prior to March 2015 and continue to hold any of those (Nasdaq:OREX) shares have certain options and for certain investors are short and strict deadlines running. Deadline: May 11, 2015. (Nasdaq:OREX) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that as part of the FDA post-marketing approval process for Contrave, Orexigen Therapeutics, Inc. was required to conduct "a new randomized, double-blind, placebo-controlled study to evaluate the effects of long-term treatment with Contrave on the incidence of [major adverse cardiac events, or 'MACE'] in overweight and obese subjects with [cardiovascular] disease or multiple [cardiovascular] risk factors," referred to as the "LIGHT study."
On March 3, 2015, in connection with reporting to investors the status of certain patent applications Orexigen Therapeutics, Inc had sought for Contrave, Orexigen Therapeutics, Inc disclosed certain interim results of its ongoing LIGHT study. Shares of Orexigen Therapeutics, Inc. (Nasdaq:OREX) grew to as high as $9.37 per share on March 3, 2015.
Then on March 5, 2015, a report was published that said that an FDA official noted that interim study results are unreliable. Dr. John Jenkins, the FDA's director of the Office of New Drugs, also said that the results must be kept confidential to avoid compromising the trial's integrity so researchers can get a clear sense of any cardiovascular risk that comes with the drug. The report added that the agency also is concerned about doctors and patients making health care decisions based on unreliable data. Shares of Orexigen Therapeutics, Inc. (Nasdaq:OREX) declined to as low as $6.76 per share on March 6, 2015.
Those who purchased shares of Orexigen Therapeutics, Inc. (OREX) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.