NEW YORK, Oct. 14, 2014 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers (the "Class") of common stock of Arrowhead Research Corporation ("Arrowhead") (NASDAQ: ARWR) during the period of August 12, 2014 and October 8, 2014 (the "Class Period").
According to the lawsuit, Arrowhead materially misstated clinical trial information from its experimental hepatitis B therapy ARC-520 by falsely suggesting that the Company's therapy was more effective than it actually was. On October 8, 2014, Arrowhead released disappointing data from its ARC-520 therapy. On that same day, an article published on TheStreet.com reported that Arrowhead CEO Chris Anzalone and his team knew for months that ARC-520 dosed at 1 mg/kg and 2 mg/kg yielded only 0.2-log and 0.3-log reductions in hepatitis B viral load. Yet, Arrowhead executives led investors to believe that ARC-520 was more potent and achieved substantially larger viral load reductions in the range of 0.7 log or higher. On this news, shares of Arrowhead plummeted by $5.48 per share, or over 43%, to close at $7.03 per share.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Arrowhead common stock during the Class Period. If you invested in Arrowhead common stock as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than December 9, 2014.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Arrowhead shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Central District of California.
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SOURCE Bernstein Liebhard LLP