RADNOR, Pa., Aug. 19, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against Avalanche Biotechnologies, Inc. (Nasdaq: AAVL) ("Avalanche" or "The Company") on behalf of purchasers of the Company's common stock between July 31, 2014 and June 15, 2015 inclusive (the "Class Period").
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/avalanche-biotechnologies-inc.
Avalanche shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org.
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 Avalanche and certain of its senior executive officers made a series of false and misleading statements and/or failed to disclose, among other things, that the Phase 2a study of AVA-101 had not been designed to show 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 disclosing 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.
Shareholder Update: On August 13, 1015, Avalanche disclosed, among other things, that "after further analyses of results from a previously reported Phase 2a trial of AVA-101 for the potential treatment of wet age-related macular degeneration (wet AMD), it will not initiate a Phase 2b clinical trial in the second half of 2015." Following this disclosure, shares of the Company's stock fell an additional $3.82 per share, or over 27%, to close at $10.01 per share the following day.
Members of the class may, no later than September 8, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/new-cases/avalanche-biotechnologies-inc.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
SOURCE Kessler Topaz Meltzer & Check, LLP