Levi & Korsinsky appointed Lead Counsel in Class Action against Arrowhead Pharmaceuticals

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Published March 10, 2017

On March 8, 2017, Levi & Korsinsky, LLP was appointed to serve as Lead Counsel by Judge Philip S. Gutierrez in the consolidated class action entitled In re Arrowhead Pharmaceuticals, Inc., Case No. 2:16-cv-08505-PSG-PJW. This is a securities class action against Arrowhead Pharmaceuticals, Inc. pending in the United States District Court Central District of California. Levi & Korsinsky represents Plaintiff Joel Kuhn and other members of the class in the consolidated action. Arrowhead develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. The Company was developing and testing ARC-520, an RNAi-based therapeutic to treat hepatitis B. The class action alleges that during the Class Period, Arrowhead made false and misleading statements that failed to disclose that its drug candidate, ARC-520, was fatal at certain doses, and due to this, the U.S. Food & Drug Administration was unlikely to approve ARC-520 as a hepatitis B treatment. Additionally, the company overstated the approval prospects and commercial viability of ARC-520. Consequently, Arrowhead announced it would discontinue the development of 3 hepatitis treatments, and trim its workforce by 30 percent. Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorney(s), Alexander Krot, Adam M. Apton, or Nicholas Porritt. Copies of the Memorandum Order dated March 8, 2017 can be found here.