9th Circ. Won't Rehear Investor Suit Over Arena's Diet Drug
Law360, New York (January 10, 2017, 6:35 PM EST) -- The Ninth Circuit on Tuesday denied Arena Pharmaceuticals' request for a full panel rehearing of its decision that revived a proposed class action alleging the company lied to shareholders that testing for its new diet drug was going smoothly.
The appellate court refused to touch its October ruling that the pharmaceutical company's mentioning of animal studies in company disclosures obligated it to tell shareholders about the U.S. Food and Drug Administration's prior concerns that the drug, lorcaserin, could cause cancer in humans.
Arena Pharmaceuticals Inc. had beat the shareholders' case in late 2013 after U.S. District Judge Cathy Ann Bencivengo concluded...
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