NEW YORK, Dec. 3, 2014 /PRNewswire/ -- Attorney Advertising
-- Bronstein, Gewirtz & Grossman, LLC reminds investors that a
securities class action has been filed in the United States
District Court for the Central District of California on behalf of those who purchased
shares of Arrowhead Research. ("Arrowhead Research" or the
"Company") (NasdaqGS: ARWR), during the period between August 12, 2014 and October 8, 2014, inclusive (the "Class
Period").
The Complaint alleges that throughout the Class Period,
Defendants materially misstated clinical trial information from its
experimental hepatitis B therapy ARC-520 by falsely suggesting that
the Company's therapy was more effective than it actually was. On
October 8, 2014, Arrowhead released
disappointing data from its experimental hepatitis B therapy
ARC-520. On that same day, an article published on
TheStreet.com reported that Arrowhead CEO Chris Anzalone and his team knew for months that
ARC-520 dosed at 1 mg/kg and 2 mg/kg yielded 0.2-log and 0.3-log
reductions in hepatitis B viral load. Yet, Arrowhead executives led
investors to believe that ARC-520 was more potent and achieved
viral load reductions in the range of 0.7 log or higher.
On August 12, 2014, Defendants
held a conference call to report on Q3 2014 earnings and the
progress of the Phase IIa study. During this call, Defendants
made materially false and misleading statements and/or failed to
disclose the true viral reduction level that ARC-520 can induce in
humans, suggesting that its viral reduction was similar to the
chimpanzee result (0.8 log reduction) and closer to 1 log (90%
reduction).
On October 8, 2014, the Company
announced the results of its Phase IIa study, revealing that
ARC-520 dosed at 2 mg/kg only induced a 0.3 log reduction in HBsAG
-- far short of what Defendant previously suggested.
On this news, Arrowhead stock fell $5.48 per share, or almost 44%, on extraordinary
volume from its previous closing price to close at $7.03 per share on October
8, 2014.
Plaintiff seeks to recover damages on behalf of all shareholders
who purchased shares of Arrowhead Research during the Class Period
described above.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact Peretz
Bronstein, Esq. or his Investor Relations Coordinator
Eitan Kimelman of Bronstein, Gewirtz
& Grossman, LLC at 212-697-6484 or via email info@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number. If you suffered a loss in
Arrowhead Research you have until December
9, 2014 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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