Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In AVEO Pharmaceuticals, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AVEO Pharmaceuticals, Inc. ("AVEO" or the "Company")(NASDAQ: AVEO) of the April 26, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in AVEO stock or options between August 4, 2016 and January 31, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased AVEO securities between August 4, 2016 and January 31, 2019 (the "Class Period"). The case, Hackel v. AVEO Pharmaceuticals, Inc. et al, No. 19-cv-01722 was filed on February 25, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) the TIVO-3 trial was inadequately designed to address the OS concerns regarding AVEO’s lead candidate drug, tivozanib, from the TIVO-1 trial presented in the June 2013; (ii) tivozanib had insufficient survival data to meet FDA approval following its initial 2013 rejection; (iii) this lack of sufficient survival data would put tivozanib at greater risk of delayed FDA approval; and (iv) as a result, AVEO’s public statements were materially false and misleading at all relevant times.
On January 31, 2019, Boston Business Journal reported that AVEO would not submit its tivozanib application for FDA approval "due to a recommendation from the agency gather more late-stage testing results. Specifically, the FDA is asking for additional survival data, echoing concerns that led to the agency’s rejection of the same drug in 2013."
On this news, AVEO's share price fell from $1.77 per share on January 30, 2019 to a closing price of $0.70 on January 31, 2019: a $1.07 or a 60.45% drop.
AVEO Pharmaceuticals, Inc. (AVEO)
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Filed on 02/26/2019
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