Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Arrowhead Pharmaceuticals, Inc. (“Arrowhead”) (NASDAQ: ARWR) common shares between May 11, 2015 and November 8, 2016, both dates inclusive (the “Class Period”).
Arrowhead investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Arrowhead is a biopharmaceutical company that develops novel drugs to treat intractable diseases in the United States. Among the company’s products under development at all relevant times was ARC-520, an RNAi-based therapeutic in Phase IIb clinical efficacy studies to treat chronic hepatitis B virus infection.
The Class Period commences on May 11, 2015, when Arrowhead issued a press release and filed a Current Report on Form 8-K with the SEC.
According to the complaint, on November 8, 2016, post-market, Arrowhead issued a press release announcing that the U.S. Food & Drug Administration (“FDA”) would be placing a clinical hold on the company’s Heparc-2004 clinical study of ARC-520, likely due to deaths at the highest dose of an ongoing non-human primate toxicology study. Following this news, Arrowhead’s share price fell $1.91, or 31.26%, to close at $4.20 on November 9, 2016.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) ARC-520 was fatal at certain doses; (ii) consequently, the FDA was unlikely to approve ARC-520 as a hepatitis B treatment; (iii) Arrowhead had overstated the approval prospects and commercial viability of ARC-520; and (iv) as a result, Arrowhead’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than January 16, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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