STEVENSON, Md., June 19, 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 Northern District of California on behalf of purchasers of Dynavax Technologies Corporation ("Dynavax" or the "Company") (Nasdaq:DVAX) common stock during the period between April 26, 2012 and June 10, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Dynavax Technologies Corporation common stock purchased on or after April 26, 2012, and held through any of the revelations of negative information on November 15, 2012, February 25, 2013, and/or June 10, 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 August 19, 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 clinical trial for HEPLISAV, the Company's investigational adult hepatitis B vaccine, was flawed because the trial demographics were not representative of the population in the United States, lacked a one-year safety follow-up typically required for vaccines, lacked information concerning concomitant use with other vaccines, and because lacked an adequate sized safety database, and failed to disclose the Company's failure to provide the U.S. Food and Drug Administration ("FDA") with sufficient data concerning its manufacturing processes and controls for HEPLISAV on its Biologics License Application ("BLA"). According to the complaint, following the Company's November 15, 2012 disclosure that the FDA's Vaccines and Related Biological Products Advisory Committee had voted 8 to 5 that there was not sufficient data to adequately support the safety of HEPLISAV, the Company's February 25, 2013 disclosure that it received a Complete Response Letter from the FDA regarding its BLA for HEPLISAV, which stated that, among other things, HEPLISAV could not be approved for the full adult label of 18-70 years old without additional safety data, and the Company's June 10, 2013 disclosure that the FDA would require Dynavax to conduct additional safety trials before the FDA would consider approving HEPLISAV (even with a restricted-use label), the value of Dynavax shares declined significantly.
Brower Piven had previously been investigating Dynavax for potential violations of the federal securities laws. The investigation of Dynavax was related to positive statements issued by Dynavax concerning HEPLISAV.
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