SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Orexigen Therapeutics, Inc.

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Mar 06, 2015, 10:02 ET

NEW YORK, March 6, 2015 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Orexigen Therapeutics, Inc. ("Orexigen" or the "Company") (NasdaqGS: OREX -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.

The investigation concerns whether Orexigen and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The company stock soared after it said Tuesday that a patient group taking Contrave had fewer serious cardiovascular problems than those who took a placebo or fake drug, according to an early analysis of a study.

Then on March 5, 2015 a report on Forbes.com said, "The study results showing that Orexigen's obesity drug Contrave reduced the risk of heart attacks and cardiovascular death and sent shares of the tiny La Jolla, Calif., biotechnology company soaring 30% were probably "unreliable," "misleading," and "likely false," according to a top Food and Drug Administration official. If Orexigen cannot find way to set things right, it could face fines, civil penalties, or even the withdrawal of Contrave from the market."

On this news, shares of Orexigen fell $0.98 or 12.17% during intraday trading to trade at $7.03 on March 6, 2015.

If you are aware of any facts relating to this investigation, or purchased shares of Orexigen, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
[email protected]

SOURCE Bronstein, Gewirtz & Grossman, LLC