KSF News, Updates, & Insights
Lead Plaintiff Defeats Motion to Dismiss in Orexigen Therapeutics Litigation
On September 23, 2019, the United States District Court for the Southern District of California entered an order denying in large part defendants’ motion to dismiss. The Hon. Janis L. Sammartino found that Lead Plaintiff’s allegations gave rise to a strong inference of scienter (i) on behalf of Preston Klassen, Michael A. Narachi, and Joseph P. Hagan with respect to their materially misleading statements and omissions on May 8, 2015 and (ii) on behalf of Defendants Narachi and Klassen with respect to their materially misleading statements and omissions on March 3, 2015. This successful result was obtained after KSF prevailed in the Ninth Circuit Court of Appeals and in the United States Supreme Court.