Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action against Avalanche Biotechnologies, Inc. and Lead Plaintiff Deadline September 8, 2015
NEW YORK, Sept. 1, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Avalanche Biotechnologies, Inc. ("Avalanche Biotechnologies" or the "Company") (NasdaqGM: AAVL), (1) pursuant and/or traceable to the Company's Registration Statement and Prospectus (defined below) issued in connection with the Company's initial public offering on or about July 31, 2014 (the "IPO" or the "Offering"); (2) and/or on the open market between July 31, 2014 and June 15, 2015, both dates inclusive (the "Class Period").
The Lawsuit alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements and failed to disclose that Phase 2a of the AVA-101 study was not designed to show any statistical significance between the active and control groups in the secondary endpoints.
On May 14, 2015, Avalanche issued the press release entitled, "Avalanche Biotechnologies Presents Three Posters at American Society of Gene & Cell Therapy (ASGCT) Annual Meeting." The press release discussed Phase 2a of the AVA-101 study.
After the market closed on June 15, 2015, the Company issued a press release entitled, "Avalanche Biotechnologies, Inc. Announces Positive Top-Line Phase 2a Results for AVA-101 in Wet Age-Related Macular Degeneration." Avalanche said that the company's treatment for wet age-related macular degeneration met its primary endpoint, however, in a conference call to discuss Phase 2 clinical trial results, the company indicated that the study wasn't designed to show statistically significant differences between active and control groups.
Following this news, the Company's stock fell $21.83 per share, or over 56% to close at $17.05 per share on June 16, 2015.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Avalanche you have until September 8, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
[email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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