SOURCE: Brower Piven, A Professional Corporation

October 12, 2010 17:27 ET

Brower Piven Announces the Filing of a Class Action Lawsuit Against Arena Pharmaceuticals, Inc. Expanding the Class Period to Include December 8, 2008 Through September 17, 2010 and Encourages Investors Who Have Losses in Excess of $1,000,000 From Investment in Arena Pharmaceuticals, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 19, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - October 12, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of the common stock of Arena Pharmaceuticals, Inc. ("Arena" or the "Company") (NASDAQ: ARNA) during the period between December 8, 2008 and September 17, 2010, inclusive (the "Class Period").

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's misleading discloses during the Class Period that the New Drug Application ("NDA") for its drug lorcaserin, or Lorqess, was based on extensive and robust data, and, that lorcaserin's combination of efficacy, safety and tolerability would position the drug candidate as first-line therapy for weight management.

According to the complaint, after investors began to learn the truth about lorcaserin on September 14, 2010 when the FDA disclosed a Briefing Document titled NDA 22529 Lorqess (lorcaserin hydrochloride) Tablets, 10 mg Sponsor: Arena Pharmaceuticals Advisory Committee - September 16, 2010, which revealed, among other things, that lorcaserin caused cancer in rats in certain preclinical studies, the value of Arena's shares significantly declined.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 19, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

If you have suffered a net loss for all transactions in Arena Pharmaceuticals, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact