NEW YORK, Nov. 18, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Arrowhead Pharmaceuticals, Inc. (“Arrowhead” or the “Company”) (Nasdaq:ARWR) in the United States District Court for the Central District of California on behalf of purchasers of common stock of Arrowhead between May 11, 2015 and November 8, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) ARC-520 was fatal at certain doses; (2) consequently, the U.S. Food & Drug Administration (“FDA”) was unlikely to approve ARC-520 as a hepatitis B treatment; (3) Arrowhead had overstated the approval prospects and commercial viability of ARC-520; and (4) as a result, Arrowhead’s public statements were materially false and misleading at all relevant times. On November 8, 2016, post-market, Arrowhead issued a press release announcing that the FDA would be placing a clinical hold on the Company’s Heparc-2004 clinical study of ARC-520, likely due to deaths at the highest dose of an ongoing non-human primate toxicology study.
On this news, the Company’s share price fell $1.91, or 31.26%, to close at $4.20 on November 9, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than January 16, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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