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.
Copyright Business Wire 2015