WILMINGTON, Del., Dec. 21, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, reminds shareholders of Clovis Oncology, Inc. (NASDAQ:CLVS) (“Clovis Oncology” or the “Company”) about the January 19, 2016 lead plaintiff deadline in the securities fraud lawsuit that has been filed in the U.S. District Court, District of Colorado, Case No. 1:15-cv-02547, on behalf of investors of Clovis Oncology that held shares between October 31, 2013 and November 15, 2015 (the “Class Period”). If you purchased Clovis Oncology securities during the Class Period, you may, no later than January 19, 2016, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that throughout the Class Period defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the New Drug Application ("NDA") that Clovis submitted to the FDA for rociletinib contained immature data sets based on both unconfirmed response rates and confirmed response rates; (2) Clovis' Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (3) Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (5) as a result of the foregoing, Clovis' NDA was likely to be delayed and/or rejected by the FDA; and (6) Clovis was in possession of data during its third-quarter conference call held on November 5, 2015, which demonstrated that the confirmed rociletinib response rate is lower than what was previously disclosed; and (7) as a result, Defendants' statements about Clovis' business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 16, 2015, Clovis Oncology announced that the FDA had requested additional clinical data on the effectiveness of rociletinib - likely delaying the drug's approval and calling into question its commercial potential.
As a result of the foregoing news, Clovis Oncology’s stock price has fallen almost 70% (closing at $30.24 per share), causing shareholders to incur millions in losses.
If you wish to serve as lead plaintiff, you must move the Court no later than January 19, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.