Bernstein Liebhard LLP Announces That A Securities Class Action Has Been Filed Against Aveo Pharmaceutical, Inc.
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.
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
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
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of
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