Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) Investor Securities Class Action Lawsuit 11/15/2016

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Company Name(s): 
Arrowhead Research
Case Name: 
Arrowhead Research Shareholder Class Action Lawsuit 11/15/2016
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ARWR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/15/2016
Class Period Begin: 
01/12/2015
Class Period End: 
11/29/2016
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
01/17/2017
Summary: 

January 17, 2018 - The lead plaintiff filed a notice of appeal.

January 11, 2018 - The court dismissed the case with prejudice and entered a judgement in favor of all defendants.

December 21, 2017 - The court granted defendants' motion to dismiss without leave to amend.

November 8, 2017 - Defendants filed a motion to dismiss.

October 26, 2017 - The lead plaintiff filed a second amended consolidated complaint.

September 20, 2017 - The court granted defendants' motion to dismiss with leave to amend.

June 8, 2017 - Defendants filed a motion to dismiss.

April 28, 2017 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) common shares between January 12, 2015 and November 29, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 12, 2015 and November 29, 2016.

March 8, 2017 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

January 17, 2017 - Lead plaintiff motions were filed.

November 15, 2016 - An investor in shares of Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Arrowhead Pharmaceuticals Inc in connection with certain allegedly false and misleading statements made between May 11, 2015 and November 8, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) common shares between May 11, 2015 and November 8, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 11, 2015 and November 8, 2016 the defendants made false and/or misleading statements and/or failed to disclose that ARC-520 was fatal at certain doses, that consequently, the U.S. Food & Drug Administration (“FDA”) was unlikely to approve ARC-520 as a hepatitis B treatment, that Arrowhead had overstated the approval prospects and commercial viability of ARC-520, and that as a result, Arrowhead Pharmaceuticals Inc’s public statements were materially false and misleading at all relevant times.

Pasadena, CA based Arrowhead Pharmaceuticals Inc formerly Arrowhead Research Corporation, is a biopharmaceutical company. Shares of Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) grew from $3.18 per share in February 2016 to as high as $8.08 per share in August 2016.
On November 8, 2016, Arrowhead Pharmaceuticals Inc provided an update on its Heparc-2004 clinical study of ARC-520, its therapeutic candidate under clinical investigation for the treatment of chronic hepatitis B virus (HBV) infection.

Arrowhead Pharmaceuticals Inc said that it was notified verbally by the United States Food & Drug Administration (“FDA”) of its decision to place a clinical hold on Heparc-2004. According to the company, the hold stems from deaths at the highest dose of an ongoing non-human primate toxicology study; these deaths are currently under investigation.

Shares of Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR) declined from $6.18 per share on November 8, 2016 to as low as $4.09 per share on November 10, 2016.