NEW YORK, Nov. 25, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Dynavax Technologies Corporation ("Dynavax" or the "Company") (NASDAQ: DVAX) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-06690, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Dynavax securities between March 10, 2014 and November 11, 2016, both dates inclusive (the "Class Period"), seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Dynavax securities during the Class Period, you have until January 17, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel vaccines and therapeutics in the United States. The Company's development programs focus on vaccine adjuvants, cancer immunotherapy, and autoimmune and inflammatory diseases. The Company's lead products include HEPLISAV-B, an investigational adult hepatitis B vaccine, which is in Phase III clinical trials.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) there were significant adverse events associated with Dynavax's HEPLISAV-B product, including an imbalance in the number of cardiac events during use; (ii) consequently, a commercial product launch of HEPLISAV-B was less imminent than Dynavax had led investors to believe; and (iii) as a result, Dynavax's public statements were materially false and misleading at all relevant times.
On April 15, 2014, the Company announced, in its Securities and Exchange Commission 10-Q filing, the initiation of a new Phase 3 clinical trial of HEPLISAV-B (known as HBV-23). The Company further stated that this safety and immunogenicity study was designed to address the Complete Response Letter regarding the HEPLISAV-B Biologics License Application that was issued to Dynavax by the U.S. Food and Drug Administration in February, 2013. This study is intended to significantly increase the number of vaccinated subjects and provide a sufficiently-sized safety database for the FDA to make a final determination regarding the safety and immunogenicity of the product.
On November 14, 2016, pre-market, the Company announced it had received a complete response letter ("CRL") from the U.S. Food and Drug Administration ("FDA"), requesting additional information on the Company's HEPLISAV-B product in connection with its Biologics License Application.
On this news, Dynavax's share price fell $7.50, or 64.65%, to close at $4.10 on November 14, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP