| Company: | Arena Pharmaceuticals Inc |
| Ticker Symbol: | ARNA |
| Class Period: | Mar-30-09 to Sep-17-10 |
| Date Filed: | Sep-21-10 |
| Lead Plaintiff Deadline: | Nov-20-10 |
| Court: | Southern District of California |
| Allegations: | |
According to the complaint, the defendants made several statements during the Class Period about the Company's weight loss drug lorcaserin which were false and misleading because they omitted and failed to disclose that tests for lorcaserin indicated that the drug caused cancer in lab rats. When the results of the rat carcinogenicity studies became public on September 14, 2010, the Company's stock fell from a closing price of $6.85 on September 13, 2010, to a closing price of $4.13 on September 14, 2010, a one day drop of $2.72 or roughly 40%, according to the complaint. On September 16, 2010, the FDA's advisory committee held a meeting to review lorcaserin and, according to the complaint, rejected the drug in light of the concern that the potential risks of long-term use, including the risk of cancer, outweighed its benefit. As a result of this news, the Company's stock fell from a closing price of $3.74 on September 16, 2010 to a closing price of $1.99 on September 17, 2010, a one day drop of $1.75 or roughly 46%, according to the complaint.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
