LOS ANGELES, Oct 14, 2014 (BUSINESS WIRE) --
Glancy
Binkow & Goldberg LLP, representing investors of Arrowhead
Research Corporation (“Arrowhead” or the “Company”)
ARWR, -2.49%
has filed a class action lawsuit in the United States District Court for
the Central District of California on behalf of a class (the “Class”)
comprising purchasers of Arrowhead common stock between August 12, 2014
and October 8, 2014, inclusive (the “Class Period”).
The Complaint
alleges that defendants made false and/or misleading statements and
failed to disclose material adverse facts about the Company’s operations
and financial prospects. Specifically, defendants misrepresented the
true viral reduction level that ARC-520 can induce in humans, and failed
to disclose that data from the Phase IIa study of ARC-520 did not
support their assertions concerning the drug’s ability to induce a
certain reduction level of hepatitis B surface antigens in humans.
On October 8, 2014, the Company announced the results of its Phase IIa
study, revealing that ARC-520 dosed at 2 mg/kg only induced a reduction
in hepatitis B surface antigens far short of the levels defendants
previously suggested. Following this news, the Company’s stock dropped
$5.48 per share, or almost 44% below its previous closing price, to
close at $7.03 per share on October 8, 2014, on extraordinary volume.
Read complete press release here...Labels: ARC-520 Phase 2a Study Update, Arrowhead, lawsuit