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

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 in
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SOURCE Robbins Arroyo LLP
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