Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Trevena, Inc.
LOS ANGELES--(BUSINESS WIRE)--Nov 16, 2018--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the December 10, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Trevena, Inc. (“Trevena” or the “Company”) (NASDAQ: TRVN ) securities between May 2, 2016 and October 8, 2018, inclusive (the “Class Period”). Trevena investors have until December 10, 2018 to file a lead plaintiff motion.
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On May 2, 2016, Trevena announced that it had “reached general agreement” with the U.S. Food and Drug Administration concerning key elements of its Phase 3 program for oliceridine (TRV130). Then the FDA released a briefing document in advance of its October 11, 2018 vote on the efficacy and safety of the oliceridine treatment; in this briefing document the reviewers noted that oliceridine has abuse and overdose potential. On this news, shares of Trevena fell $1.91 or 64%, to close at $1.07 on October 9, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, defendants made false and misleading statements and failed to disclose to investors material adverse facts about the company’s interactions with the FDA. Specifically, Trevena is alleged to have misled its shareholders to believe that the company’s April 28, 2016 “End-of-Phase 2 Meeting” with the FDA was far more successful than it actually was. The company did so by issuing a press release entitled “Trevena Announces Successful End-of-Phase 2 Meeting with FDA and Outlines Phase 3 Program for Oliceridine” on May 2, 2016, in which the company announced that it had “reached general agreement” with the FDA on key elements of its Phase 3 program for oliceridine (TRV 130), and was “very pleased” with the outcome of its discussions with the FDA. In reality, the FDA disagreed with Trevena on several key factors relating to whether oliceridine would ultimately be approved for commercial distribution. Trevena’s filings therefore concealed the true risks faced by the company in gaining ultimate FDA approval.
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If you purchased shares of Trevena, you may move the Court no later than December 10, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181116005473/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 11/16/2018 02:00 PM/DISC: 11/16/2018 02:00 PM