The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) was launched concerning potential breaches of fiduciary duties by certain directors and officers of Orexigen Therapeutics.
Investors who are current long term investors in Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:OREX stocks follows a lawsuit filed recently against Orexigen Therapeutics, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:OREX stocks, concerns whether certain Orexigen Therapeutics officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of California the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that as part of the FDA post-marketing approval process for Contrave, Orexigen Therapeutics, Inc. was required to conduct “a new randomized, double-blind, placebo-controlled study to evaluate the effects of long-term treatment with Contrave on the incidence of [major adverse cardiac events, or ‘MACE’] in overweight and obese subjects with [cardiovascular] disease or multiple [cardiovascular] risk factors,” referred to as the “LIGHT study.”
On March 3, 2015, in connection with reporting to investors the status of certain patent applications Orexigen Therapeutics, Inc had sought for Contrave, Orexigen Therapeutics, Inc disclosed certain interim results of its ongoing LIGHT study. Shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) grew to as high as $9.37 per share on March 3, 2015.
Then on March 5, 2015, a report was published that said that an FDA official noted that interim study results are unreliable. Dr. John Jenkins, the FDA’s director of the Office of New Drugs, also said that the results must be kept confidential to avoid compromising the trial’s integrity so researchers can get a clear sense of any cardiovascular risk that comes with the drug. The report added that the agency also is concerned about doctors and patients making health care decisions based on unreliable data. Shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) declined to as low as $6.76 per share on March 6, 2015.
On April 28, 2015, NASDAQ:OREX shares closed at $7.01 per share.
Those who purchased shares of Orexigen Therapeutics, Inc. (NASDAQ:OREX) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com