Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Against Avalanche Biotechnologies, Inc. -- AAVL
RADNOR, Pa., July 22, 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, 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 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 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 (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at [email protected]. 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.
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.
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.
CONTACT:
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
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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