Arena Pharma, Investors Strike $24M Deal In Diet Drug Suit

Law360, New York (November 8, 2017, 4:42 PM EST) -- Arena Pharmaceuticals Inc. has reached a $24 million cash-and-stock deal with a proposed class of investors to settle its seven-year battle in California federal court over allegations the company lied to shareholders that testing was going smoothly for its diet drug lorcaserin, which is sold under the trade name Belviq.

Lead plaintiff Carl Schwartz asked U.S. District Judge Cathy Ann Bencivengo on Tuesday to grant preliminary approval to the deal, which would see investors drop their claims against Arena in exchange for its payment of a little more than $12 million in cash and issuance of a little less than $12...

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