NEW YORK, Sept. 17, 2010 (GLOBE NEWSWIRE) -- Sarraf Gentile LLP announces that it is investigating Arena Pharmaceuticals, Inc. ("Arena" or the "Company) (Nasdaq:ARNA) in connection with the rejection of the Company's weight loss pill lorcaserin by a panel of Food and Drug Administration experts.
According to the Associated Press, an FDA panel of experts voted 9-5 on Thursday, September 16, 2010, against the approval of lorcaserin saying some unresolved safety questions outweighed its benefits and raising concerns about tumors seen in rats in early-stage testing. The Company's share fell 45% percent, or $1.67, to $2.08 in trading Friday before the market opened, according to the Associated Press.
If you purchased or own Arena stock and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com ).
Sarraf Gentile LLP has extensive experience litigating shareholder class actions across the United States and has recovered millions of dollars on behalf of injured shareholders.
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CONTACT: Sarraf Gentile LLP Joseph Gentile 212.868.3610 Fax: 212.918.7967 joseph@sarrafgentile.com www.sarrafgentile.com 116 John Street, Suite 2310 New York, NY 10038
