Robbins LLP: Arrowhead Research Corporation (ARWR) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that an investor of Arrowhead Research Corporation (NASDAQGS: ARWR) has filed a federal securities fraud class action complaint in the U.S. District Court for the Central District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 12, 2014 and October 8, 2014. Arrowhead is a biopharmaceutical company that develops targeted RNA Interference therapeutics in the United States.
Arrowhead Is Accused of Misrepresenting Its ARC-520 Drug
According to the complaint, shares of Arrowhead fell $5.48 per share, or nearly 44%, to close at $7.03 per share on October 8, 2014, following the company’s announcement that its Phase IIa study of ARC-520, an RNAi therapeutic that targets the hepatitis B virus, only reduced hepatitis B surface agents by 0.3 log reduction in humans. Further, TheStreet.com published an article the same day, noting that Arrowhead had known for months that ARC-520 yielded 0.2 log and 0.3 log reductions based on a 1 mg/kg and 2 mg/kg doses, respectively, in humans despite previously suggesting that ARC-520 was slated to reduce hepatitis B surface antigens by a 0.8 log reduction, similar to the reduction reached by chimpanzees in the Phase I study.
Arrowhead Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.