Arrowhead Research Corporation ("Arrowhead") is an American biopharmaceuticals company that develops gene therapeutics to treat intractable diseases.

According to the law firm press release, the lawsuit alleges Arrowhead materially misstated clinical trial information from its experimental hepatitis B therapy ARC-520 by falsely suggesting that the Company's therapy was more effective than it actually was. On October 8, 2014, Arrowhead released disappointing data from its experimental hepatitis B therapy ARC-520. On that same day, an article published on TheStreet.com reported that Arrowhead's CEO and his team knew for months that ARC-520 dosed at 1 mg/kg and 2 mg/kg yielded 0.2-log and 0.3-log reductions in hepatitis B viral load. Yet, Arrowhead executives led investors to believe that ARC-520 was more potent and achieved viral load reductions in the range of 0.7 log or higher. On this news, shares of Arrowhead fell $5.48 per share, or over 43%, to close at $7.03 per share.

On March 29, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint. Plaintiffs did not do so, thus this case was ordered dismissed with prejudice on September 12. Plaintiffs filed a Notice of Appeal of the above Order on October 10, 2016. On February 15, 2018, the Court of Appeals affirmed the Court's Order of Dismissal.