NEW YORK, April 15, 2015 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased Orexigen Therapeutics, Inc. stock (NASDAQ: OREX) between March 3, 2015 and March 5, 2015.
You are hereby notified that a class action has been commenced in the USDC for the Southern District of California. If you purchased Orexigen Therapeutics, Inc. ("Orexigen") securities between March 3, 2015 and March 5, 2015, your rights may be affected by this action. To get more information, go to: http://zlk.9nl.com/orex-infosheet or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that as part of the FDA's post-marketing approval process for its drug Contrave, Orexigen was required to conduct a "new … study to evaluate the effects of long-term treatment with Contrave on the incidence of [major adverse cardiac events] in overweight and obese subjects with [cardiovascular] disease or multiple [cardiovascular] risk factors." The complaint alleges that on March 3, 2015, Orexigen disclosed detailed interim results of its ongoing study despite the fact that the Company had been previously admonished by the FDA for inappropriately releasing interim study data. On March 5, 2015, a report published by Forbes quoted a purported FDA official as saying the interim data from the study was probably "unreliable" and "misleading" and suggesting that Orexigen could "face fines, civil penalties, or even the withdrawal of Contrave from the market."
If you suffered a loss in Orexigen you have until May 11, 2015 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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
SOURCE Levi & Korsinsky, LLP