The Hon. Janis Lynn Sammartino grants final approval to the class action settlement in Khoja v. Orexigen Therapeutics, Inc., approving Lead Plaintiff’s $4.8 million recovery for investors.
On April 22, 2021, the Hon. Janis L. Sammartino entered an Order preliminarily approving a $4,800,000 class action settlement on behalf of all Persons who purchased or otherwise acquired Orexigen publicly-traded securitiesbetween March 3, 2015 and May 12, 2015.
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 with respect to materially misleading statements and omissions. This successful result was obtained after KSF prevailed in the Ninth Circuit Court of Appeals and in the United States Supreme Court.
Defendants filed a Petition for a Writ of Certiorari with the United States Supreme Court captioned Hagan et al. v. Khoja, Case No. 18-1010. The Petition for Certiorari appealed, in part, KSF’s victory in the Ninth Circuit in Khoja v. Orexigen Therapeutics, Inc., 899 F.3d 988 (9th Cir. 2018). KSF successfully defended the Ninth Circuit’s ruling before the United States Supreme Court when it denied Defendants’ Petition for a Writ of Certiorari on May 20, 2019.
The Ninth Circuit Court of Appeals handed lead plaintiff a major win when it overturned much of the lower court’s order dismissing all claims against Defendant Orexigen Therapeutics, Inc.
The United States District Court for the Southern District of California appointed KSF as sole lead counsel in In re Orexigen Therapeutics, Inc., Securities Litigation.