Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/arena/) today announced that a class action has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of Arena Pharmaceuticals, Inc. (“Arena”) (NASDAQ:ARNA) common stock during the period between December 8, 2008 and September 16, 2010 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from September 20, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/arena/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Arena and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Arena is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors. The Company’s principal drug in development is lorcaserin hydrochloride (“Lorcaserin”), an experimental weight loss drug that has completed a pivotal Phase III clinical trial program.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding Lorcaserin. Defendants continuously hyped Lorcaserin’s combination of efficacy, safety and tolerability and its potential for success without disclosing certain health risks associated with the drug. As a result of defendants’ false statements, Arena’s stock traded at artificially inflated prices during the Class Period, reaching a high of $7.95 per share on July 30, 2010.