STEVENSON, Md., May 13, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of AVEO Pharmaceuticals, Inc. ("AVEO" or the "Company") (Nasdaq:AVEO) common stock during the period between January 3, 2012 and May 1, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in AVEO Pharmaceuticals, Inc. common stock purchased on or after January 3, 2012, and held through any of the revelations of negative information on April 30, 2013 and/or May 2, 2013 as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 8, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the U.S. Food and Drug Administration ("FDA") had recommended that the Company conduct an additional phase 3 trial due to adverse trends in the Company's first Phase III trial (TIVO-1) for Tivopath or Tivozanib, the Company's product for the treatment of advanced kidney cancer, that there was a 25% higher rate of death associated with Tivozanib, compared to the control drug, Sorafenib, and that the Company failed to disclose that almost 90% of the patients studied in the Company's Phase III trial were enrolled from sites in Central and Eastern Europe where treatment patterns were inconsistent with those in the United States. According to the complaint, following the April 30, 2013 publication of an FDA briefing document that took particular issue with the rigor of the Tivozanib trial and highlighted that the Company had disregarded explicit FDA recommendations that the Company conduct an additional Phase III trial, and the Company's May 2, 2013 disclosure that the Oncologic Drugs Advisory Committee voted 13 to 1 not to recommend approval of Tivozanib because the application for the drug did not demonstrate a favorable benefit-to-risk evaluation for the treatment of advanced renal cell carcinoma in an adequate and well-controlled trial, the value of AVEO shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation