Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Wednesday, July 15, 2015
Faruqi & Faruqi Alert: Avalanche Biotechnologies, Inc.
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Avalanche Biotechnologies, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Avalanche Biotechnologies, Inc. (“Avalanche” or the “Company”) (NASDAQ:AAVL) of the September 8, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Avalanche securities between July 31, 2014 and June 15, 2015 (the “Class Period”).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose the statistical validity of its Phase IIa trial results concerning its lead product, AVA-101, a single sub-retinal injection to treat wet age-related macular degeneration.
Specifically, on June 15, 2015, the Company announced that AVA-101 had met its primary clinical endpoints. However, in a same-day conference call to discuss ongoing clinical results, the Company indicated that the study wasn't designed to show statistically significant differences between active and control groups.
After the conference call, share price fell $21.83 per share the next day to close at $17.05 per share, a 56% drop, on June 16, 2015.
If you invested in Avalanche stock or options between July 31, 2014 and June 15, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by e-mailing Richard Gonnello at firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Avalanche’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.