Investor Alert: Orexigen Therapeutics Inc.
Orexigen Therapeutics Inc (OREX.O) announced last Monday it filed for Chapter 11 bankruptcy protection and will also file a motion to pursue an auction and sale process of substantially all its assets.
The biopharmaceutical company, which focuses on the treatment of obesity, said it expects proposed bids to be submitted by May 21 and the sale is intended to be concluded by July 2.
According to Bloomberg, Orexigen Therapeutics Inc. develops pharmaceutical products primarily in the United States, Europe, and South Korea.
It offers Contrave, a weight-loss medication approved by the FDA in 2014 and marketed as Mysimba in the European Union, which reportedly helps control cravings and reduce hunger. Orexigen Therapeutics, Inc. was founded in 2002 and is headquartered in La Jolla, California.
Orexigen listed assets in the range of $50 million to $100 million and liabilities in the range of $100 million to $500 million, according to a filing in the Delaware bankruptcy court.
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The White Law Group continues to investigate the liability that FINRA registered brokerage firms may have for improperly recommending Orexigen Therapeutics Inc. to investors.
If a brokerage firm makes unsuitable investment recommendations or fails to adequately disclose the risks associated with an investment they may be liable for investment losses through FINRA arbitration.
The Financial Industry Regulatory Authority (FINRA)operates the largest securities dispute resolution forum in the United States, and has extensive experience in providing a fair, efficient and effective venue to handle a securities-related dispute.
If you have concerns regarding your investment in Orexigen Therapeutics Inc., the securities attorneys at The White Law Group may be able to help you. To speak with a securities attorney about your options, please call The White Law Group at 888-637-5510 for a free consultation.
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