NEW YORK and SAN DIEGO, March 20, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California against Orexigen Therapeutics, Inc. (Nasdaq:OREX). The class period is March 3, 2015 to March 5, 2015, inclusive. Wolf Haldenstein encourages all shareholders to contact us immediately at (800) 575-0735 or email classmember@whafh.com.
The complaint alleges that as part of the United States Food and Drug Administration ("FDA") post-marketing approval process for its drug Contrave, Orexigen was required to conduct a "study to evaluate the effects of long-term treatment with Contrave on the incidence of [major adverse cardiac events] in overweight and obese subjects with [cardiovascular] disease or multiple [cardiovascular] risk factors."
On March 3, 2015, Orexigen disclosed detailed interim results of its ongoing study despite the fact that the Company had been previously admonished by the FDA for inappropriately releasing interim study data. On March 5, 2015, a report published by Forbes quoted a purported FDA official as saying the interim data from the study was probably "unreliable" and "misleading" and suggesting that Orexigen could "face fines, civil penalties, or even the withdrawal of Contrave from the market."
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Orexigen investigation."
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