Navigation Links
Aveo Pharmaceuticals, Inc. Sued by Investor
Date:5/17/2013

SAN DIEGO and CAMBRIDGE, Mass., May 17, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP announce that a purchaser of Aveo Pharmaceutical, Inc. (NASDAQGS: AVEO) securities has filed a complaint in the U.S. District Court for the District of Massachusetts.  The complaint alleges that Aveo and certain of its officers violated the Securities Exchange Act of 1934 (the "Exchange Act") between January 3, 2012 and May 1, 2013 (the "Class Period").

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Aveo Accused of Making False and Misleading Statements Concerning the Company's Business Prospects

The complaint alleges that Aveo, a biopharmaceutical company that focuses on discovering, developing, and commercializing cancer therapies, issued a series of materially false and misleading statements to investors regarding the viability of the company's lead drug Tivopath (or tivozanib).  Specifically, the complaint alleges that the defendants misled investors to believe that Tivopath would receive approval from the U.S. Food and Drug Administration ("FDA") by touting Tivopath's Phase III trial design and results.  The complaint accuses the defendants of violations of the Exchange Act by virtue of their failure to disclose during the Class Period that: (i) the FDA had recommended that Aveo conduct an additional Phase 3 trial for Tivopath due to adverse trends in the company's first Phase III trial; (ii) there was a 25% higher rate of death associated with Tivopath, compared to the control drug, Sorafenib; and (iii) nearly 90% of the patients studied in the company's Phase III trial were enrolled from sites in Central and Eastern Europe, where treatment patterns were inconsistent with those in the United States.   

Aveo Price Drops Multiple Times

On April 30, 2013, the FDA released its Oncologic Drugs Advisory Committee ("ODAC") briefing document (the "Briefing Document") that, among other matters, took particular issue with the rigor of Tivopath's Phase III trial.  The Briefing Document also highlighted the regulatory history of Tivopath, and the fact that Aveo disregarded explicit FDA recommendations that the company conduct an additional Phase III trial.  On this news, Aveo's stock declined $2.33 per share or over 31%, to close at $5.11 per share on April 30, 2013.

Moreover, on May 2, 2013, the ODAC voted by an overwhelming majority (13 to 1) not to recommend approval of Tivopath, because "the application ... did not demonstrate a favorable benefit-to-risk evaluation for the treatment of advanced renal cell carcinoma (RCC) in an adequate and well-controlled trial."  As a result, Aveo shares declined a further $2.61 per share or nearly 50%, to close at $2.65 on May 2, 2013.

If you purchased or otherwise acquired Aveo stock during the Class Period and wish to serve as lead plaintiff, you must act no later than July 8, 2013. To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/aveo-pharmaceuticals-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.

Contact:
Darnell R. Donahue 
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
http://www.robbinsarroyo.com


'/>"/>
SOURCE Robbins Arroyo LLP
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. The Zacks Analyst Blog Highlights: Genomic Health, Sanofi, Regeneron Pharmaceuticals, Amgen and Isis Pharmaceuticals
2. DelMar Pharmaceuticals, Inc. Provides Corporate Update for the Quarter Ended March 31, 2013
3. Auxilium Pharmaceuticals, Inc. To Present At The UBS Global Health Care Conference
4. The Law Offices of Marc S. Henzel Announces Class Action Lawsuit Against Aveo Pharmaceuticals, Inc. and Certain Officers -- (Nasdaq: AVEO) was filed on behalf of stockholders
5. Actinium Pharmaceuticals, Inc. Receives Notice of Patent Allowance for a Key Application
6. Auxilium Pharmaceuticals, Inc. To Present At The Bank Of America Merrill Lynch 2013 Health Care Conference
7. Keryx Biopharmaceuticals, Inc. Announces First Quarter 2013 Financial Results
8. OncoGenex Pharmaceuticals, Inc. Provides Clinical Development Program Overview and Reports Financial Results for First Quarter 2013
9. Boehringer Ingelheim Pharmaceuticals, Inc. and Eli Lilly and Company launch educational campaign about emerging science in type 2 diabetes
10. Cactus Ventures, Inc. Changes Name to Actinium Pharmaceuticals, Inc.
11. Omthera Pharmaceuticals, Inc. Announces Closing of Initial Public Offering
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/29/2017)... Research and Markets has announced the addition of the ... ... drugs market to grow at a CAGR of 2.87% during the ... 2017-2021, has been prepared based on an in-depth market analysis with ... its growth prospects over the coming years. The report also includes ...
(Date:3/29/2017)... Calif. , March 29, 2017 Varian Medical ... will report results for the second quarter of fiscal year ... 26, 2017.  The news release will be followed by a ... The news release and a link to the conference call ... www.varian.com/investor .  To access the teleconference call and replay: ...
(Date:3/29/2017)... 2017  Designers of primary cell wearable medical and ... 50% and extend battery life with the MAX20310 ultra-low ... (PMIC) from Maxim Integrated Products, Inc. (NASDAQ: ... voltage of just 0.7V for new high-energy density battery ... well as the more common Alkaline battery architecture. With ...
Breaking Medicine Technology:
(Date:3/29/2017)... City, NY (PRWEB) , ... March 29, 2017 ... ... for men’s and women’s professional squash, announced it has enlisted New York City-based ... The agency will develop and procure sponsorship opportunities for the Professional Squash ...
(Date:3/29/2017)... ... March 30, 2017 , ... Sublime Naturals and its ... Life" or "Wonder Spice", it has been used for thousands of years. , "The ... says Heshelow, author of " Turmeric: How to Use it For Your Wellness. Overcome ...
(Date:3/29/2017)... Indianapolis, IN (PRWEB) , ... March 29, 2017 ... ... Benefits Study, this webinar provides insight into the challenges employers face in trying ... the complexity of managing employee benefits programs? Adding to the growing complexity, ...
(Date:3/29/2017)... Illinois (PRWEB) , ... March 29, 2017 , ... ... Stencils Device Library for documenting and diagramming network and data center assets and ... , NetZoom subscribers can request new equipment shapes for free and download shapes ...
(Date:3/29/2017)... Yorba Linda, Ca (PRWEB) , ... March 29, 2017 , ... ... treatment of a growing number of cancers and is touted to be the next ... of treatment, thus far, has been in the form of immune checkpoint inhibitors such ...
Breaking Medicine News(10 mins):