Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased o otherwise acquired shares of Avalanche Biotechnologies, Inc. (Nasdaq: AAVL) (“Avalanche” or “The Company”) between July 31, 2014 and June 15, 2015, inclusive (the “Class Period”).
Avalanche Biotechnologies, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
Avalanche, a clinical-stage biotechnology company, focuses on discovering and developing novel gene therapies for the treatment of ophthalmic diseases based on its Ocular BioFactory platform. The Company’s lead product candidate is AVA-101, which was undergoing a Phase 2a trial for the treatment of wet age-related macular degeneration during the Class Period.
The complaint alleges that, during the Class Period, Avalanche and certain of its executive officers made a series of materially false and/or misleading statements to investors, and failed to disclose that the Phase 2a study of AVA-101 had not been designed to show any statistical significance for the study’s secondary endpoints between the active and control study groups.
After the market closed on June 15, 2015, the Company issued a press release entitled “Avalanche Biotechnologies, Inc. Announces Positive Top-Line Phase 2a Results for AVA-101 in Wet Age-Related Macular Degeneration.” That press release disclosed that the Phase 2a study was significantly more limited than investors were previously lead to believe.
On this news, shares of the Company’s stock fell $21.83 per share, or over 56%, to close at $17.05 per share on June 16, 2015, thereby damaging investors.
If you are a member of the class described above, you may no later than September 8, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706