Federman & Sherwood Announces That a Securities Class Action Lawsuit Has Been Filed Against Arena Pharmaceuticals, Inc.

OKLAHOMA CITY, OK, Sep 22, 2010 (MARKETWIRE via COMTEX) -- On September 20, 2010, a class action lawsuit was filed in the United States District Court for the Southern District of California against Arena Pharmaceuticals, Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from May 11, 2009 through September 16, 2010.

Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Friday, November 19, 2010, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.