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Avalanche Biotechnologies Inc (NASDAQ: AAVL) Investor Securities Class Action Lawsuit 07/09/2015

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Lawsuit Overview

Case Dismissed
Company
Avalanche Biotechnologies Inc
Security
NASDAQ: AAVL

Case Name
Avalanche Biotechnologies Shareholder Class Action Lawsuit 07/09/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 20, 2017 - The court dismissed the case with prejudice.
January 23, 2017 - Defendants filed a motion to dismiss.

December 2, 2016 - The lead plaintiff filed another amended consolidated complaint.

November 3, 2016 - The court dismissed the case with leave to amend.

February 19, 2016 - Defendants filed a motion to dismiss.

January 29, 2016 - The lead plaintiff filed an amended consolidated complaint.

December 17, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

September 8, 2015 - Lead plaintiff motions were filed.

July 9, 2015 - An investor in shares of Avalanche Biotechnologies Inc (NASDAQ: AAVL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Avalanche Biotechnologies Inc in connection with certain allegedly false and misleading statements made between July 31, 2014 and June 15, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Avalanche Biotechnologies Inc (NASDAQ: AAVL) pursuant and/or traceable to the Company’s Initial Public Offering on or about July 31, 2014, and/or on the open market between July 31, 2014 and June 15, 2015, that the defendants violated Federal Securities Laws.

Avalanche Biotechnologies Inc went public in July 2014 and shares of Avalanche Biotechnologies Inc (NASDAQ: AAVL) grew to as high as $60.08 per share in early January 2015. Avalanche Biotechnologies Inc is a clinical-stage biotechnology company that is focused on discovering and developing gene therapies for patients with sight-threatening ophthalmic diseases. Avalanche Biotechnologies Inc is developing its lead product candidate, AVA-101, which is indicated for the treatment for wet age-related macular degeneration.

The plaintiff claims that the defendants made certain allegedly materially false and/or misleading statements and allegedly 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 and that when the true details entered the market, investors suffered damages.

On June 15, 2015, Avalanche Biotechnologies Inc announced phase 2a results for AVA-101 in Wet Age-Related Macular Degeneration. Avalanche Biotechnologies Inc announced that its Phase 2a clinical study for AVA-101 met its 12-month primary endpoint, based on ophthalmic and systemic safety, demonstrating that AVA-101 was well tolerated with a favorable safety profile in subjects with wet age-related macular degeneration (wet AMD). However, in a conference call to discuss Phase 2 clinical trial results, Avalanche Biotechnologies Inc indicated that the study wasn't designed to show statistically significant differences between active and control groups. Shares of Avalanche Biotechnologies Inc (NASDAQ: AAVL) declined from $41.30 per share on June 15, 2015, to as low as $15.25 per share on June 29, 2015.