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Orexigen Therapeutics, Inc.

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Orexigen Therapeutics, Inc. (NASDAQ GS: OREX)

Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Orexigen Therapeutics, Inc. (“Orexigen” or the “Company”) (NASDAQ GS: OREX) between March 3, 2015 and March 5, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Orexigen during the Class Period, or purchased shares prior to the Class Period and still hold Orexigen,  and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) study results released by Orexigen, showing that its obesity drug Contrave reduced the risk of heart attacks and cardiovascular death, were unreliable and misleading; (2) as such, Orexigen faced potential fines, civil penalties, and the possible removal of Contrave from the market; and (3) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on March 5, 2015, in a report published on Forbes.com, a top FDA official criticized Orexigen and its decision to release interim trial data.  In the report, Dr. John Jenkins, the FDA's director of the Office of New Drugs criticized the released data as "unreliable," "misleading," and "likely false."  He also said that the results must be kept confidential to avoid compromising the trial's integrity so researchers can get a clear sense of any cardiovascular risk related to the drug.

On this news, shares in Orexigen dropped over 11%, closing at $7.10 per share on March 6, 2015, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than May 5, 2015.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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