Orexigen Therapeutics

The court grants defendants’ motion to dismiss without prejudice.

The 9th Circuit’s recent reversal in BoFi (congrats to LK team on the appeal win) gets mentioned. A 9th Circuit majority held in BoFi held that a former employee’s fraud allegations in a whistleblower lawsuit may qualify as a corrective disclosure and may be used in the securities class action to plead loss causation, as long as the whistleblower allegations are plausible, and even if there are no additional disclosures or evidence corroborating the allegations.

The Orexigen opinion is attached here.  BoFi 9th Circuit attached here.

About Orexigen:

Orexigen, “a developmental stage biotechnology firm,” has a collaboration agreement with Takeda Pharmaceutical Company Limited (“Takeda”) to develop and commercialize Orexigen’s “primary product candidate,” a drug for the treatment of obesity called Contrave, in the United States, Canada, and Mexico.

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