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Avanir Pharmaceuticals Inc (NASDAQ: AVNR) Investor Securities Class Action Lawsuit 10/30/2009

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Lawsuit Overview

Case Dismissed
Company
Avanir Pharmaceuticals Inc
Security
NASDAQ: AVNR

Case Name
Avanir Pharmaceuticals Shareholder Class Action Lawsuit 10/30/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of California

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Summary

April 7, 2010 - The court issued a judgment in favor of the defendants for want of prosecution without prejudice.
October 30, 2009 - An investor in shares of Avanir Pharmaceuticals Inc (NASDAQ: AVNR) filed a lawsuit in the U.S District Court for the Southern District of California against Avanir Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 1995 and October 31, 2006.

According to the complaint, on October 31, 2006, Avanir Pharmaceuticals Inc disclosed that the FDA had issued an Approvable Letter indicating that Avanir's New Drug Application ( NDA ) for Zenvia was approvable, subject to Avanir Pharmaceuticals Inc satisfying the FDA's concerns about the safety and efficacy of Avanir Pharmaceuticals Inc. This Approvable Letter, which Avanir Pharmaceuticals Inc's then CEO called a negative surprise , was allegedly a far cry from the statements defendants made between July 1995 and October 31, 2006, in which all defendants all but guaranteed that the FDA would approve the FDA for Zenvia. When the truth was revealed, the price of Avanir Pharmaceuticals Inc’s shares collapsed to as low as $3.98 per share, down 54% from the previous day closing of $7.40 per share.