Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Central District of California on behalf of shareholders of Arrowhead Pharmaceuticals, Inc. (“Arrowhead Pharmaceuticals” or the “Company”) (NASDAQ: ARWR) who purchased shares between May 11, 2015 and November 29, 2016.
The complaint alleges that during the Class Period, Arrowhead made false and misleading statements and/or failed to disclose that: (1) its drug candidate ARC-520 was fatal at certain doses; (2) the U.S. Food & Drug Administration was unlikely to approve ARC-520 as a hepatitis B treatment; (3) the Company overstated the approval prospects and commercial viability of ARC-520; and (4) as a result of the above, Arrowhead’s public statements were materially false and misleading at all relevant times.
On November 8, 2016, after the close of the market, Arrowhead announced that the United States Food & Drug Administration had decided to place a clinical hold on the Company’s Heparc-2004 clinical study of ARC-520. Then on November 29, 2016, Arrowhead announced it would discontinue the development of 3 hepatitis treatments and trim its workforce by 30 percent.
If you suffered a loss in Arrowhead you have until January 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
To receive more information, please fill out the form.