WILMINGTON, Del., July 23, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Avalanche Biotechnologies, Inc. (NASDAQ GM: AAVL)?
- Did you purchase your shares pursuant and/or traceable to the initial public offering on or about July 31, 2014, or between July 31, 2014 and June 15, 2015, inclusive?
- Did you lose money in your investment in Avalanche Biotechnologies, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the 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 GM: AAVL) between July 31, 2014 and June 15, 2015, inclusive, including those investors who acquired Avalanche shares pursuant or traceable to its initial public offering ("IPO") commenced on or about July 31, 2014 (collectively, the "Class Period), alleging violations of the Securities Act of 1933 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Avalanche in the July 31, 2014 offering, or during the period July 31, 2014 and June 15, 2015, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://rigrodskylong.com/investigations/avalanche-biotechnologies-inc-aavl.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 15, 2015, after the market closed, Avalanche issued a press release indicating that the Company's treatment for wet age-related macular degeneration met its primary endpoint, but raised concerns by saying the study wasn't designed to show statistically significant differences between the active and control subjects in the secondary endpoints.
On this news, shares in Avalanche plummeted more than 56%, closing at $17.05 per share on June 16, 2015, on extremely high trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than September 8, 2015. A lead plaintiff is a representative party acting 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 proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.