SAN DIEGO, Aug. 03, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Avalanche Biotechnologies Inc (NASDAQ:AAVL) over alleged Violations of Federal Securities Laws by Avalanche Biotechnologies.
Investors who purchased shares of Avalanche Biotechnologies Inc (NASDAQ:AAVL) have certain options and for certain investors are short and strict deadlines running. Deadline: September 8, 2015. (NASDAQ:AAVL) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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 as high as $62.48 per share in January 2015 to as low as $14.01 per share on July 30, 2015.
Those who purchased Avalanche Biotechnologies Inc (NASDAQ:AAVL) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.