Clovis investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Clovis is a biopharmaceutical company that focuses on acquiring, developing, and commercializing innovative anti-cancer agents in the United States, Europe and other international markets.
The complaint alleges that, throughout the Class Period, Clovis and certain of its executive officers made a series of false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the defendants are alleged to have made false and/or misleading statements and/or failed to disclose the following: (1) that the New Drug Application (“NDA”) that Clovis submitted to the FDA for rociletinib contained immature data sets based on both unconfirmed response rates and confirmed response rates; (2) that Clovis’ Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (3) that Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) that as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (5) that, as a result of the foregoing, Clovis’ NDA was likely to be delayed and/or rejected by the FDA; and (6) that, as a result of the foregoing, the Defendants’ statements about Clovis’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
The Class Period Begins on October 31, 2013, when Clovis’ Chief Executive Officer (“CEO”) reported that, due to “encouraging results we’ve seen for CO-1686 to date, we look forward to dentifying the Phase 2 dose with our improved HBr formulation by the end of 2013, and then commencing our initial registration study in the first half of 2014.” During the Class Period, Clovis’ common stock traded as high as $114 per share.
On November 16, 2015, Clovis issued a press release disclosing that the FDA had requested additional clinical data after the efficacy of one of the Company’s drugs, rociletinib (or “CO-1686”), was thrown into doubt. Following this news, shares of Clovis’ common stock fell $69.19 per share, or nearly 70%, to close on November 16, 2015 at $30.24 per share, on unusually heavy trading volume.
If you are a member of the class described above, you may no later than January 19, 2016, 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