NEW YORK, June 20, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP announces the filing of a class action lawsuit against Dynavax Technologies Corporation ("Dynavax" or the "Company") (Nasdaq:DVAX) and certain of its officers. The class action, filed in United States District Court, Northern District of California, on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Dynavax between April 26, 2012 and June 10, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Dynavax securities during the Class Period, you have until August 19, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Dynavax discovers, and is seeking to commercialize products based on immunostimulatory sequences. The Company is developing products to treat and prevent allergies, infectious diseases, and chronic inflammatory diseases using approaches that alter immune system responses in specific ways.
The Complaint alleges that throughout the Class Period, Defendants conditioned investors to believe that HEPLISAV, an investigational adult hepatitis B vaccine would receive approval from the U.S. Food and Drug Administration ("FDA") through a host of materially false and misleading statements regarding the (1) safety of the product, as well as reportedly positive results from HEPLISAV's clinical trials; and (2) deficiencies in its manufacturing controls and facilities related to the assurance of HEPLISAV. As a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On November 15, 2012, the Company disclosed the FDA's Vaccines and Related Biological Products Advisory Committee "voted eight to five with one abstention that there was insufficient data to adequately support the safety of HEPLISAV." On this news, Dynavax shares declined $2.19 per share or more than 43%, to close at $2.44 per share on November 16, 2012.
On February 25, 2013, the Company disclosed that it had received a Complete Response Letter ("CRL") from the FDA regarding its Biologics License Application ("BLA"). Specifically, the Company disclosed that the FDA indicated that HEPLISAV "cannot be approved without further evaluation of safety" and the "FDA also continues to express concern that novel adjuvants may cause rare autoimmune events." In addition, "the FDA requested additional data from Dynavax's process validation program and clarifying information on the manufacturing controls and facilities related to the assurance of the quality of the commercial product." On this news, Dynavax shares declined $0.96 per share, or more than 32%, to close at $2.01 per share on February 25, 2013.
On June 10, 2013, the Company disclosed that a meeting with the FDA concluded that "the discrete patient populations did not fundamentally address the shortfall in the safety database. It was concluded that to do so would unnecessarily restrict the patient population that could benefit from HEPLISAV's approval." On this news, Dynavax shares declined $1.07 per share or nearly 43%, to close at $1.40 per share on June 10, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP