NEW YORK, May 10, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been commenced in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") of purchasers of Aveo Pharmaceutical, Inc. ("Aveo" or the "Company") (NASDAQ: AVEO) securities between January 3, 2012 and May 1, 2013 (the "Class Period").
Aveo is a biopharmaceutical company focused on discovering, developing, and commercializing cancer therapies. The Company's lead product is an oral inhibitor of the vascular endothelial growth factor ("VEGF") receptors.
The Complaint alleges that throughout the Class Period, Defendants conditioned investors to believe that the Company's drug Tivopath (or Tivozanib) would receive approval from the U.S. Food and Drug Administration ("FDA") through a host of materially false and misleading statements regarding its Phase III ("TIVO-1") trial design and results. Specifically, the Company (a) failed to disclose to investors that the FDA had recommended that the Company conduct an additional Phase III trial due to adverse trends in the Company's first study; (b) misled investors regarding the overall safety and efficacy of the product, including failing to disclose the 25% higher rate of death associated with Tivozanib therapy compared to the control drug, Sorafenib; and (c) failed to disclose that almost 90% of the patients studied in TIVO-1 were enrolled from sites in Central and Eastern Europe with inconsistent treatment patterns from those in the U.S. As a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On April 30, 2013, the FDA released its Oncologic Drugs Advisory Committee ("ODAC")
|SOURCE Bernstein Liebhard LLP|
Copyright©2012 PR Newswire.
All rights reserved