Navigation Links
Bernstein Liebhard LLP Announces That A Securities Class Action Has Been Filed Against Aveo Pharmaceutical, Inc.
Date:5/10/2013

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") briefing document (the "Briefing Document") that, among other things, 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 that the Company conduct an additional Phase III trial. On this news, the Company's shares fell $2.33 or 31.31% per share to close at $5.11 on April 30, 2013, on volume of over 15 million shares.

On May 2, 2013, the ODAC voted by an overwhelming majority (13 to 1) not to recommend approval of Tivozanib, 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."  On this news, Aveo shares declined another $2.61 per share or nearly 50%, to close at $2.65 per share on May 2, 2013, on volume of over 15 million shares.

Plaintiffs seek to recover damages on behalf of all Class members who invested in Aveo securities during the Class Period.  If you invested in Aveo securities as described above during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in this action to serve as lead plaintiff.  In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 8, 2013.

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 Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.

If you are interested in discussing your rights as an Aveo shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.

Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients.  It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last ten years.

You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Massachusetts.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com

ATTORNEY ADVERTISING. © 2013 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com

 


'/>"/>
SOURCE Bernstein Liebhard LLP
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Watson to Present at the Sanford C. Bernstein 28th Annual Strategic Decisions Conference
2. Amylin Pharmaceuticals, Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation Of Acquisition By Bristol-Myers Squibb Company
3. Par Pharmaceutical Companies, Inc. Shareholder Alert: Bernstein Liebhard LLP Announces Investigation Of Acquisition By TPG
4. Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Abiomed, Inc.
5. The law firms of Bernstein Litowitz Berger & Grossmann LLP and Labaton Sucharow LLP announce pendency of class action in In re Schering-Plough Corporation / ENHANCE Securities Litigation
6. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
7. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
8. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
9. Misonix Announces New Distribution Agreement For Panama
10. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
11. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/9/2017)... 2017 Zimmer Biomet Holdings, Inc. (NYSE and ... announced it has earned a spot on Forbes, ... Company was ranked among 500 U.S. employers as well ... Equipment and Services. The annual Forbes ... independent survey of over 30,000 employees across 25 industries. ...
(Date:5/8/2017)... MACRA replaces the outdated sustainable growth ... reimbursement. Black Book Research crowdsource-surveyed 8,845 physician practices from ... Market for MIPS Compliance Technology is Booming ... 3 or more clinicians seek to buy Merit-Based Incentive ... magnitude of the changes, the hunt is on for ...
(Date:5/6/2017)... , May 5, 2017  Hill-Rom Holdings, Inc. (NYSE: ... approximately 100,000 square feet to its Welch Allyn campus. ... its commitment to bring more than 100 new jobs ... Welch Allyn has maintained a significant presence for more ... these new positions, a large portion of which will ...
Breaking Medicine Technology:
(Date:5/26/2017)... ... May 26, 2017 , ... Rob Lowe acts as host and ... the series is on hiking in American. Viewers can reconnect with America as it ... of hiking. , Many consumers have looked for an inventive new place for a ...
(Date:5/26/2017)... ... May 26, 2017 , ... Centennial-based BluSky Restoration Contractors ... its 14th Annual Clays for Kids fundraiser, to be held Friday, Sept. 22, ... , As part of BluSky’s partnership with The Adoption Exchange, BluSky will also ...
(Date:5/24/2017)... N.J. (PRWEB) , ... May 24, 2017 , ... ... Clara Maass Medical Center CEO Mary Ellen, hospital employees, and town officials to ... Belleville. , The facility was developed by Rendina as part of its ongoing ...
(Date:5/24/2017)... California (PRWEB) , ... May 24, 2017 , ... ... through innovative medical image management and interpretation, has received U.S. Food and Drug ... , Nucleus.io is a web-based, scalable and secure cloud platform for medical image ...
(Date:5/24/2017)... DC (PRWEB) , ... May 24, 2017 , ... ... Center for Global Policy Solutions is vehemently opposed to Donald Trump’s budget, “A ... formula for despair that inspires fear, demonizes the poor, marginalizes underserved populations, undermines ...
Breaking Medicine News(10 mins):