RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased AVEO Pharmaceuticals, Inc. (“AVEO” or the “Company”) (NASDAQ: AVEO) between August 4, 2016 and January 31, 2019, inclusive (the “Class Period”).
AVEO shareholders may, no later than April 26, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of AVEO and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statementsand/or failed to disclose that: (1) the TIVO‑3 trial was inadequately designed to address the OS concerns regarding AVEO’s lead candidate drug, tivozanib, from the TIVO-1 trial presented in the June 2013; (2) tivozanib had insufficient survival data to meet FDA approval following its initial 2013 rejection; (3) this lack of sufficient survival data would put tivozanib at greater risk of delayed FDA approval; and (4) as a result, AVEO’s public statements were materially false and misleading at all relevant times.
On January 31, 2019, Boston Business Journal reported that “AVEO revealed that it won’t submit its application for FDA approval due to a recommendation from the agency gather more late-stage testing results. Specifically, the FDA is asking for additional survival data, echoing concerns that led to the agency’s rejection of the same drug in 2013.” Following this news, AVEO stock dropped $1.07 per share, or over 60%, to close at $0.70 per share on January 31, 2019.
If you are a member of the class, you may, no later than April 26, 2019, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.