INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
November 26 2014 - 12:32PM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Arrowhead
Research Corporation (“Arrowhead” or the “Company”) (NASDAQ:ARWR)
that purchasers of Arrowhead common stock between August 12, 2014
and October 8, 2014, inclusive (the “Class Period”), have until
December 9, 2014, to file a motion to be appointed as lead
plaintiff in the shareholder lawsuit filed in the United States
District Court for the Central District of California.
Arrowhead is a biopharmaceutical company engaged in the
development of RNA Interference (“RNAi”) therapeutics to suppress
disease-causing genes. The Company’s ARC-520 targets the hepatitis
B virus, and currently is being tested for its effectiveness in
using RNAi to halt the production of hepatitis B genes as a
potential therapy for treating chronic hepatitis B. The Complaint
alleges that defendants misrepresented the true viral reduction
level that ARC-520 can induce in humans, and failed to disclose
that data from the Phase IIa study of ARC-520 did not support their
assertions concerning the drug’s ability to induce a certain
reduction level of hepatitis B surface antigens in humans.
On October 8, 2014, the Company announced the results of its
Phase IIa study of ARC-520, which revealed that ARC-520 dosed at 2
mg/kg induced a reduction in hepatitis B surface antigens that was
far short of the levels defendants previously suggested. Following
this news, the Company’s stock dropped $5.48 per share, or almost
44% below its previous closing price, to close at $7.03 per share
on October 8, 2014, on extraordinary volume.
If you are a member of the Class described above, you may move
the Court no later than December 9, 2014, to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of
Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite
2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail
to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email, please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
PortnoyCasey
Sadler310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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