Investor Notice: The Rosen Law Firm Announces Filing Of Securities Class Action Against Arena Pharmaceuticals, Inc. - ARNA
The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf of purchasers of Arena Pharmaceuticals, Inc. (NASDAQ: ARNA - News) securities during the period from March 30, 2009 through September 17, 2010. The complaint asserts claims against Arena Pharmaceuticals and certain of its officers and directors for violations of the federal securities laws.
To join the class action against Arena Pharmaceuticals, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653. You may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
The complaint alleges that the Company misled investors to believe that the pre-clinical and clinical trial data for its developmental drug lorcaserin, or Lorqess, indicate it is a safe therapy for weight management.
On September 14, 2010, the FDA disclosed that lorcaserin caused cancer in rats in certain preclinical studies.
As a result of this adverse news, Arena shares declined from a close of $6.85 per share on September 13, 2010, to close at $4.13 per share on September 14, a decline of $2.71 per share or approximately 40%. On September 16, 2010, the Wall Street Journal reported a federal advisory panel rejected lorcaserin. On September 17, 2010, Arena shares declined an additional $1.99 per share or approximately 47%, causing investors substantial losses. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. If you wish to join the class action or to discuss your ability to recover your investment losses, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. The Rosen Law Firm concentrates its practice on investor securities litigation, representing investors throughout the world.Select the service that is right for you!
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