WAYNE, Pa., July 24, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Avalanche Biotechnologies, Inc. ("Avalanche" or the "Company") (NASDAQ: AAVL) between July 31, 2014 and June 15, 2015, inclusive (the "Class Period").
Avalanche shareholders may, no later than September 8, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Avalanche and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/aavl.
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 are a member of the class, you may, no later than September 8, 2015, request that the Court appoint you as lead plaintiff of the class. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/aavl. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP