NEW YORK, Oct. 29, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm reminds investors of the important November 19, 2010 lead plaintiff deadline in the class action lawsuit the firm filed on behalf of purchasers of Arena Pharmaceuticals, Inc. ("Arena" or the "Company") (Nasdaq:ARNA) securities. The Rosen Law Firm encourages purchasers of Arena securities during the period between December 8, 2008 and September 17, 2010, to contact the firm to inquire about being a lead plaintiff.
To join the class action against Arena Pharmaceuticals, go to the website at or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653. You may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
The complaint alleges that the Company misled investors to believe that the pre-clinical and clinical trial data for its developmental drug lorcaserin, or Lorqess, indicates it is a safe therapy for weight management. On September 14, 2010, the FDA disclosed that lorcaserin caused cancer in rats in certain preclinical studies.
As a result of this adverse news, Arena shares declined from a close of $6.85 per share on September 13, 2010, to close at $4.13 per share on September 14, a decline of $2.71 per share or approximately 40%. On September 16, 2010, the Wall Street Journal reported that a federal advisory panel rejected lorcaserin. On September 17, 2010, Arena shares declined an additional $1.99 per share or approximately 47%, causing investors substantial losses.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER.
If you wish to serve as lead plaintiff, you must move the Court no later than November 19, 2010. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm concentrates its practice on investor securities litigation, representing investors throughout the world.
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CONTACT: The Rosen Law Firm P.A. Laurence Rosen, Esq. lrosen@rosenlegal.com Phillip Kim, Esq. pkim@rosenlegal.com (212) 686-1060 Weekends/After-hours Tel: (917) 797-4425 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 www.rosenlegal.com 275 Madison Avenue, 34th Floor New York, New York 10016