Arrowhead Research Corporation (NASDAQ: ARWR) Investor Securities Class Action Lawsuit 10/10/2014

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Company Name(s): 
Arrowhead Research
Case Name: 
Arrowhead Research Shareholder Class Action Lawsuit 10/10/2014
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: ARWR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/10/2014
Class Period Begin: 
08/12/2014
Class Period End: 
10/08/2014
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
12/09/2014
Case Dismissed: 
02/15/2018
Summary: 

February 15, 2018 - The U.S. Court of Appeals for the Ninth Circuit affirmed the judgement of the district court.

October 10, 2016 - The lead plaintiff filed a notice of appeal.

October 7, 2016 - The court entered a judgement in favor of the defendants and dismissed the case with prejudice.

March 29, 2016 - The court granted defendants' motion to dismiss without prejudice with leave to amend.

April 6, 2015 - Defendants filed a motion to dismiss.

March 6, 2015 - The lead plaintiff filed an amended consolidated complaint.

February 5, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 9, 2014 - Lead plaintiff motions were filed.

October 10, 2014 - An investor in shares of Arrowhead Research Corporation (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 Research Corporation in connection with certain allegedly false and misleading statements made between August 12, 2014 and October 8, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Arrowhead Research Corporation (NASDAQ: ARWR) common shares between August 12, 2014 and October 8, 2014, that the defendants violated Federal Securities Laws.

Arrowhead Research Corporation is a biopharmaceutical company developing targeted RNAi therapeutics. Arrowhead Research Corporation’s pipeline includes clinical programs in chronic hepatitis B virus and partner-based programs in obesity and oncology. ARC-520 is an RNAi-based therapeutic designed to treat chronic hepatitis B virus (HBV) infection. Shares of Arrowhead Research Corporation (NASDAQ: ARWR) grew from $9.79 per share in May 2014 to as high as $16.96 per share in September 2014.

The plaintiff claims that Arrowhead Research Corporation allegedly materially misstated clinical trial information from its experimental hepatitis B therapy ARC-520 by falsely suggesting that Arrowhead Research Corporation's therapy was more effective than it actually was.

On October 8, 2014, Arrowhead Research Corporation announced that data from the ongoing Phase 2a study of ARC-520, its RNAi therapeutic candidate for the treatment of chronic hepatitis B (HBV) infection, will be presented in the late-breaking poster session at the 2014 American Association for the Study of Liver Diseases (AASLD) Liver Meeting being held on November 7-11, 2014, in Boston. On that same day, an article was published on that claimed Arrowhead Research Corporation CEO Chris Anzalone and his team knew for months that ARC-520 dosed at 1 mg/kg and 2 mg/kg yielded 0.2-log and 0.3-log reductions in hepatitis B viral load. On October 9, 2014, Arrowhead Research Corporation issued an open letter to shareholders from President and CEO of Arrowhead Research Corporation.

Shares of Arrowhead Research Corporation (NASDAQ: ARWR) declined from $13.01 per share on October 7, 2014, to as low as $5.47 per share on October 8, 2014, respectively $5.50 per share on October 14, 2014.