SAN FRANCISCO, Dec. 28, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors with losses over $50,000 of the January 19, 2016 lead plaintiff deadline in the securities fraud class action lawsuit filed against Clovis Oncology, Inc. (NASDAQ:CLVS).
If you suffered losses because of your purchase of Clovis securities between October 31, 2013 and November 15, 2015, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000, emailing CLVS@hbsslaw.com or visiting http://www.hbsslaw.com/cases/CLVS. The lawsuits have been filed in U.S. District Courts for the Districts of Colorado and Northern California, and investors have until January 19, 2016 to move the court to act as lead plaintiff.
Since November 16, 2015, Clovis’ share price has fallen almost 70%, causing millions in shareholder losses. On that day, the Company announced that the FDA had requested additional clinical data on the effectiveness of its flagship drug, rociletinib. This announcement came after months of positive statements related to the progress of rociletinib’s New Drug Application—many of which were made despite the company’s possession of adverse data.
The lawsuit alleges that throughout the Class Period defendants misled investors and failed to disclose that: (1) the NDA that Clovis submitted to the FDA for rociletinib contained immature data sets based on both unconfirmed response rates and confirmed response rates; (2) Clovis' Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (3) Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (5) as a result of the foregoing, Clovis' NDA was likely to be delayed and/or rejected by the FDA; and (6) Clovis was in possession of data during its third-quarter conference call held on November 5, 2015, which demonstrated that the confirmed rociletinib response rate is lowered than what was previously disclosed; and (7) as a result, Defendants' statements about Clovis' business and prospects were materially false and misleading.
Whistleblowers: Persons with non-public information regarding Clovis should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CLVS@hbsslaw.com.
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Reed Kathrein, 510-725-3000
Source:Hagens Berman Sobol Shapiro LLP