NEW ORLEANS, March 27, 2015 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 11, 2015 to file lead plaintiff applications in a securities class action lawsuit against Orexigen Therapeutics, Inc. (Nasdaq:OREX) if they purchased the Company's securities between March 3, 2015 and March 5, 2015, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of California.
What You May Do
If you purchased shares of Orexigen and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 11, 2015.
About the Lawsuit
Orexigen and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 3, 2015, Orexigen announced positive interim results of an ongoing clinical trial of its weight loss drug Contrave, stating that a patient group taking Contrave had fewer serious cardiovascular problems than those who took a placebo. Following this, the price of Orexigen's stock rose.
Then, on March 5, 2015, a Forbes report stated that the FDA's director of the Office of New Drugs criticized Orexigen's released data as "unreliable," "misleading," and "likely false." The Forbes report warned that "[i]f Orexigen cannot find a way to set things right, it could face fines, civil penalties, or even the withdrawal of Contrave from the market." On this news, the price of Orexigen's shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
CONTACT: Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
