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Faruqi & Faruqi Reaches Settlement On Behalf Of Shareholders Of Avalanche Biotechnologies, Inc.

March 22, 2017

Faruqi & Faruqi is pleased to announce that on March 16, 2017, Plaintiffs, on behalf of themselves and a class of all persons who purchased the common stock of Avalanche Biotechnologies, Inc. (“Avalanche) traceable to the Avalanche IPO seeking to pursue remedies under the Securities Act of 1933 and/or purchased Avalanche common stock between July 31, 2014 and June 15, 2015, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934, reached a settlement in principle with the defendants named in this action, whereby the defendants will pay $13,000,000 in cash to shareholders in exchange for a release of the claims alleged against them in Plaintiffs’ lawsuit pending in the U.S. District Court for the Northern District of California and the lawsuit pending in the Superior Court of the State of California for the County of San Mateo filed by Beaver County Employees Retirement Fund (“Beaver County”).  Plaintiffs and Beaver County intend to seek approval of the settlement in state court.  If the court preliminarily approves the settlement, notice will be sent to class members to advise them of their rights to participate in, object to, or seek exclusion from the settlement.

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