NEW YORK, Oct. 11, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Trevena, Inc. ("Trevena" or the "Company") (NASDAQ: TRVN) between May 2, 2016 and October 8, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover Trevena shareholders' investment losses.
If you purchased Trevena securities, and/or would like to discuss your legal rights and options, please visit Trevena Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit Trevena misled its shareholders to believe that its April 28, 2016 End-of-Phase 2 Meeting with the United States Food and Drug Administration ("FDA") was far more successful than it actually was. The Company did so by issuing a press release entitled "Trevena Announces Successful End-of-Phase 2 Meeting with FDA and Outlines Phase 3 Program for Oliceridine," on May 2, 2016, in which it announced that it had "reached general agreement" with the FDA on key elements of its Phase 3 program for oliceridine (TRV130) and was "very pleased" with the outcome of its discussions with the FDA.
However, in fact, on October 9, 2018, minutes from the FDA's April 28, 2016 meeting with Trevena were released and showed that the FDA:
- "did not agree with the proposed dosing in the Phase 3 studies";
- "did not agree with the proposed primary endpoint"; and
- "did not agree with the proposed non-inferiority (NI) margin for comparing morphine to oliceridine."
On this news, Trevena stock fell $2.04 per share, or over 68%, over the next two trading days to close at $0.947 per share on October 10, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than December 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Trevena securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/trevena-inc-trvn-lawsuit-class-action-fraud-stock-88/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP