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

  • If you purchased shares of Arrowhead Pharmaceuticals Inc (NASDAQ: ARWR), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Arrowhead Research Corp
Security
NASDAQ: ARWR

Case Name
Arrowhead Research Shareholder Class Action Lawsuit 11/15/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Class Period End
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Summary

July 23, 2019 - The Court of Appeals affirmed the court's decision. The case as dismissed.

January 17, 2018 - A notice of appeal was filed.

January 11, 2018 - The court dismissed the case.

December 21, 2017 - The court granted defendants' motion to dismiss.

November 8, 2017 - A motion to dismiss the second amended consolidated complaint was filed.

October 26, 2017 - A second amended consolidated complaint was filed

September 20, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 8, 2017 - A motion to dismiss the amended consolidated complaint was filed.

April 28, 2017 - An amended consolidated complaint was 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.