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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of April 20, 2020, by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
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November 19, 2020 - The court preliminarily approved the settlement.
September 3, 2020 - A stipulation of settlement was entered by the parties.
May 1, 2020 - An amended complaint was filed.
December 12, 2019 - An investor in shares of Correvio Pharma Corp. (NASDAQ: CORV) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Correvio Pharma Corp. in connection with certain allegedly false and misleading statements made between October 23, 2018 and December 5, 2019.
Vancouver, Canada based Correvio Pharma Corp., a specialty pharmaceutical company, engages in developing therapeutics worldwide.
Correvio Pharma Corp. reported that its annual Total Revenue rose from $24 million in 2017 to $28.67 million in 2018 and that its Net Loss declined from $29.81 million in 2017 to $16.57 million in 2018. On December 6, 2019, U.S. Food and Drug Administration (“FDA”) staffers who reviewed the Company’s resubmitted New Drug Application (“NDA”) for Brinavess found that the drug’s benefits did not offset its risks because Brinavess was associated with “serious liabilities” including irregular heartbeat, low blood pressure, and death.
Then, on December 10, 2019, the FDA’s Cardiovascular and Renal Drugs Advisory Committee (“RDAC”) voted 11-2 against the resubmitted NDA, noting that the benefit-risk profile for Brinavess was inadequate to support approval. Shares of Correvio Pharma Corp. (NASDAQ: CORV) declined from $2.45 per share in late November 2019 to as low as $0.35 per share on December 19, 2019. According to the complaint the plaintiff alleges on behalf of purchasers of Correvio Pharma Corp. (NASDAQ: CORV) common shares between October 23, 2018 and December 5, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 23, 2018 and December 5, 2019, the defendants made false and/or misleading statements and/or failed to disclose that the data supporting the Resubmitted NDA for Brinavess did not minimize the significant health and safety issues observed in connection with the drug’s original NDA, that the foregoing substantially diminished the likelihood that the FDA would approve the Resubmitted NDA, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.