Shareholders Sue Arena Over Weight Drug Cancer Risk

Law360, New York (September 22, 2010, 5:40 PM EDT) -- Shareholders have filed a proposed class action against Arena Pharmaceuticals Inc. alleging its executives artificially pumped up its stock value by hiding the fact that its weight loss drug caused cancer in lab rats.

William and Jean Sutliff of Hamilton County, Ohio, sued Arena on Tuesday in the U.S. District Court for the Southern District of California on behalf of anyone who bought stock from March 30, 2009, to Sept. 17, 2010.

The complaint, which also names as defendants Arena CEO Jack Lief and William Shanahan...
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