Levi & Korsinsky, LLP announces that a class action has been commenced in the USDC for the Southern District of California on behalf of purchasers of Orexigen Therapeutics, Inc. who purchased between March 3, 2015 and March 5, 2015.
The complaint alleges that as part of the FDA’s post-marketing approval process for its drug Contrave, Orexigen was required to conduct a “new … 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.” The complaint alleges that 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.” If you suffered a loss in Orexigen you have until May 11, 2015 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.
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