WILMINGTON, Del.--(BUSINESS WIRE)--
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of AVEO Pharmaceuticals, Inc. (NASDAQ GS: AVEO)?
- Did you purchase your shares before January 3, 2012, or between January 3, 2012 and May 1, 2013, inclusive?
- Did you lose money in your investment in AVEO Pharmaceuticals, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities that purchased the common stock of AVEO Pharmaceuticals, Inc. (“AVEO” or the “Company”) (NASDAQ GS: AVEO) between January 3, 2012 and May 1, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of AVEO during the Class Period, or purchased shares prior to the Class Period and still hold AVEO, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/aveo-pharmaceuticals-inc-aveo.
AVEO is a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (a) the Company misled investors regarding the overall safety and efficacy of Tivopath, or tivozanib, including by misleading investors regarding the 25% higher rate of death associated with tivozanib therapy compared to the control drug, sorafenib; and (b) the Company failed to disclose that almost 90% of the patients studied in the single Phase 3 trial for tivozanib (“TIVO-1”) were enrolled from sites in Central and Eastern Europe with inconsistent treatment patterns compared to those in the United States. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, throughout the Class Period, defendants disseminated false and misleading information to the investing public about the viability of tivozanib. Investors were led to believe that tivozanib would receive approval from the U.S. Food and Drug Administration (“FDA”) through materially false and misleading statements regarding Phase 3 trial design and results.
However, on April 30, 2013, the FDA released its Oncologic Drugs Advisory Committee (“ODAC”) meeting briefing document that, among other matters, took particular issue with the rigor of the tivozanib trial. The briefing document also highlighted the regulatory history of Tivopath, and the fact that the Company disregarded explicit FDA recommendations for the Company to conduct an additional Phase 3 trial.
On May 2, 2013, the Company and the FDA made presentations to the ODAC regarding the new drug application of tivozanib. The FDA’s presentation noted multiple negative factors concerning the drug, and as a result, the ODAC voted not to recommend approval of tivozanib.
On this news, shares in AVEO fell almost 50%, closing at $2.65 per share on May 2, 2013, from a close of $5.26 per share on May 1, 2013, on volume of over 15 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than July 8, 2013. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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