NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Arrowhead Pharmaceuticals, Inc. ("Arrowhead" or the "Company") (NSADAQ: ARWR) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired Arrowhead securities between May 11, 2015 and November 8, 2016, both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/arwr.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) at certain doses ARC-520 was fatal; (2) consequently, the U.S. Food & Drug Administration ("FDA") was not likely to approve ARC-520 as a hepatitis B treatment; (3) Arrowhead had exaggerated the approval prospects and commercial viability of ARC-520; and (4) consequently, Arrowhead's public statements were materially false and misleading at all relevant times.
On November 8, 2016, post-market, Arrowhead revealed that the United States Food & Drug Administration will be placing a clinical hold on Arrowhead's Heparc-2004 clinical study of ARC-520. Arrowhead believes this hold to be the result of deaths at the highest dose of an ongoing non-human primate toxicology study, and said that these deaths are currently being investigated. Following this news, Arrowhead stock dropped $1.91, or 31.26%, to close at $4.20 on November 9, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/arwror you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Arrowhead you have until January 16, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.