SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

March 14, 2015 19:37 ET

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Orexigen Therapeutics, Inc. (OREX) to Contact the Firm

NEW YORK, NY--(Marketwired - March 14, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Orexigen Therapeutics, Inc. ("Orexigen" or the "Company") (NASDAQ: OREX) of the May 11, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Orexigen and certain executives.

A complaint has been filed in the USDC for the Southern District of California on behalf of investors who purchased Orexigen common stock from March 3, 2015 to March 5, 2015, inclusive.

The action focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements regarding the Company's business, operations, and prospects. 

Specifically, the complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that (i) the positive interim study results for Orexigen's obesity drug, Contrave, were false and misleading; and (ii) as a result, Orexigen faces potential fines, civil penalties, and the removal of Contrave from the market.

On March 5, 2015, Takeda, which has an agreement with Orexigen to market Contrave in the United States, publicly announced that it did not agree with the interim data. After the market closed that day, a report published in Forbes quoted an FDA official who admonished the Contrave data as "unreliable," "misleading," and "likely false."

Following this news, the price of Orexigen stock fell $1.39 per share, or more than 16%, to close at $7.10 on March 6, 2015.

Request more information now by clicking here: www.faruqilaw.com/OREX. There is no cost or obligation to you.

Take Action

If you invested in Orexigen stock or options between March 3, 2015 and March 5, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/OREX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Orexigen's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    Email contact
    Telephone: (877) 247-4292 or (212) 983-9330