Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Avalanche Biotechnologies, Inc.
Oklahoma City, OK (July 11, 2015) – On July 9, 2015, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Avalanche Biotechnologies, Inc. (NASDAQ: AAVL). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is July 31, 2014 through June 15, 2015 or traceable to the Company’s Initial Public Offering on July 31, 2014. More specifically, this litigation was filed because the Company failed to disclose the Phase 2a of the AVA-101 study which was not designed to show any statistical significance between the active and control groups in the secondary endpoints. On June 15, 2015 the Company held a conference call to discuss their Phase 2a trial results concerning a gene therapy treatment for wet age-related mascular degeneration. During the call the Company stated that the study was not designed to demonstrate statistically significant differences between the active and control groups. On this news, the Company’s shares declined to close at $17.05 on June 16, 2015.
Plaintiff seeks to recover damages on behalf of all Avalanche Biotechnologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, September 8, 2015 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Sat, July 11, 2015
by Robin Hester filed under