According to the law firm press release, Arrowhead Pharmaceuticals, Inc. ("Arrowhead") is a biopharmaceutical company that develops novel drugs to treat intractable diseases in the United States. Among the Company’s products under development at all relevant times was ARC-520, an RNAi-based therapeutic in Phase IIb clinical efficacy studies to treat chronic hepatitis B virus infection.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) ARC-520 was fatal at certain doses; (ii) consequently, the U.S. Food & Drug Administration (“FDA”) was unlikely to approve ARC-520 as a hepatitis B treatment; (iii) Arrowhead had overstated the approval prospects and commercial viability of ARC-520; and (iv) as a result, Arrowhead’s public statements were materially false and misleading at all relevant times.

On November 8, 2016, post-market, Arrowhead issued a press release announcing that the FDA would be placing a clinical hold on the Company’s Heparc-2004 clinical study of ARC-520, likely due to deaths at the highest dose of an ongoing non-human primate toxicology study.

On this news, Arrowhead’s share price fell $1.91, or 31.26%, to close at $4.20 on November 9, 2016.

On March 8, 2017, the Court appointed Lead Plaintiff and Counsel. A consolidated Complaint was filed on April 28.

On September 20, 2017, the Court granted the Motion to dismiss with leave to amend. An amended Complaint was filed on October 26. The Defendant filed a Motion to Dismiss the amended Complaint on November 8. On December 21, the Court granted the Motion to dismiss without leave to amend, closing the case. Lead Plaintiff filed a Notice appealing this decision on December 27. On January 11, 2018, the Court issued a Judgment in favor of the Defendants, dismissing the Case with prejudice. Lead Plaintiff filed an amended Notice appealing the Court's Order and Judgment on January 17. On July 23, 2019, the Court of Appeals affirmed the District Court's Order to dismiss the case.