RADNOR, Pa., Sept. 01, 2015 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Avalanche Biotechnologies, Inc. (Nasdaq:AAVL) (“Avalanche” or “The Company”) on behalf of purchasers of the Company’s common stock between July 31, 2014 and June 15, 2015, inclusive (the “Class Period”), and reminds shareholders that they may, no later than September 8, 2015, petition the Court to be appointed as a lead plaintiff of the class.
Avalanche shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com. For additional information about this lawsuit, or to request information about the action online, please visit http://www.ktmc.com/new-cases/avalanche-biotechnologies-inc.
The complaint alleges that Avalanche and certain of its senior executive officers made a series of false and misleading statements and/or failed to disclose, among other things, that the Phase 2a study of AVA-101 had not been designed to show statistical significance for the study’s secondary endpoints between the active and control study groups.
Shareholder Update: On August 13, 2015, Avalanche disclosed, among other things, that “after further analyses of results from a previously reported Phase 2a trial of AVA-101 for the potential treatment of wet age-related macular degeneration (wet AMD), it will not initiate a Phase 2b clinical trial in the second half of 2015.” Following this disclosure, shares of the Company’s stock fell an additional $3.82 per share, or over 27%, to close at $10.01 per share the following day.
Members of the class may, no later than September 8, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Kessler Topaz Meltzer & Check.