NEW YORK, NY / ACCESSWIRE / January 13, 2016 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the District of Colorado on behalf of those who purchased shares of Clovis Oncology, Inc. ("Clovis" or the "Company") (NASDAQ: CLVS), during the period between October 31, 2013 and November 13, 2015 inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the New Drug Application ("NDA") that Clovis submitted to the FDA for rociletinib contained immature data sets; (ii) Clovis' Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (iii) Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (iv) as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (v) as a result of the foregoing, Clovis' NDA was likely to be delayed and/or rejected by the FDA; and (vi) 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.
On November 16, 2015, Clovis revealed that the efficacy of its lead drug candidate rociletinib, as measured by tumor shrinkage response rates in lung cancer patients, was actually far lower than previously presented. Clovis disclosed that potential approval of its lung cancer treatment rociletinib will likely be delayed because the FDA has asked for more data concerning the use of two different dosages and their response rates.
Following this news, Clovis stock fell $69.19 or over 69% to close at $30.24 on November 16, 2015.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Clovis you have until January 19, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
