September 3, 2013 (Shareholders Foundation) - An investor, who currently holds shares of Dynavax Technologies Corporation (NASDAQ:DVAX), filed a lawsuit over alleged breaches of fiduciary duties by certain directors of Dynavax Technologies.
According to the complaint the plaintiff alleges that the defendants caused the share price of Dynavax Technologies Corporation (NASDAQ:DVAX) to increase by misrepresenting prospects of Dynavax Technologies’ Heplisav hepatitis B drug and when the truth was revealed NASDAQ:DVAX shares declined by almost 70%

On Feb. 25, 2013, Dynavax Technologies Corporation announced that it received a Complete Response Letter from the U.S. Food and Drug Administration (“FDA” or Agency) regarding its Biologic License Application for HEPLISAV, an investigational adult hepatitis B vaccine. Among other things, the FDA specified in the complete response letter, that the indication in adults 18-70 years of age cannot be approved without further evaluation of safety in this broad age group.

Shares of Dynavax Technologies Corporation declined from $3.118 per share on Feb. 22, 2013 to $1.87 per share on Feb. 25, 2013.

Then on June 10, 2013, Dynavax Technologies Corporation reported that it recently concluded a meeting with the U.S. Food and Drug Administration regarding its Biologic License Application for HEPLISAV. Shares of Dynavax Technologies Corporation fell from $2.55 per share on June 6, 2013 to $1.01 per share on June 18, 2013.

On September 3, 2013, NASDAQ:DVAX shares closed at $1.28 per share.