9th Circ. Revives Shareholder Suit Over Arena's Diet Drug

Law360, Los Angeles (October 26, 2016, 5:56 PM EDT) -- The Ninth Circuit on Wednesday revived a proposed class action against Arena Pharmaceuticals alleging the company lied to shareholders about tests for a diet drug, finding that even though the drug was later approved, the company shouldn't have told shareholders testing was going smoothly when it wasn't.

Arena Pharmaceuticals Inc. had beat the shareholders' 2010 case after U.S. District Judge Cathy Ann Bencivengo concluded that the drugmaker was merely having scientific disputes with the U.S. Food and Drug Administration over some results in a study of the drug in rats, and that the company hadn't hidden the dispute from shareholders with...

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