Kaplan Fox Announces $24 Million Settlement With Arena Pharmaceuticals, Inc.

November 7, 2017

 

Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) announces a $24 million settlement in the consolidated class action captioned Schueneman v. Arena Pharmaceuticals, Inc., et al., 3:10-cv-01959-CAB (BLM), pending in the United States District Court for the Southern District of California (the “Action”). 

The settlement provides $12,025,000 in cash, plus interest, and Arena common stock with a value of $11,975,000, for a total settlement value of $24 million, to pay claims from investors who purchased Arena common stock from March 17, 2008 through January 27, 2011, inclusive (the “Class Period”), and were damaged thereby.  The settlement resolves class action claims alleging that Arena, certain of its former officers and directors, violated the federal securities laws by making false or misleading statements and failing to disclose material facts.  

On November 7, 2017, lead plaintiff in the Action sought preliminary approval of the settlement.  If the settlement is preliminarily approved by the Court, a notice to the Settlement Class members will be sent with information regarding settlement and instructions for Settlement Class Members on how to submit a claim. For more information about this case, click here.

You may contact the following Kaplan Fox attorneys about the case and the settlement at 1-800-290-1952:

Robert N. Kaplan
Jeffrey P. Campisi 
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue; 14th Floor
New York, NY 10022
(212) 687-1980
(800) 290-1952
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www.kaplanfox.com

Laurence D. King
Mario M. Choi
KAPLAN FOX & KILSHEIMER LLP 350
Sansome Street, Suite 400
San Francisco, CA 94104
(415) 772-4700
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www.kaplanfox.com