RADNOR, PA / ACCESSWIRE / January 14, 2016 / The law firm of Kessler Topaz Meltzer & Check, LLP reminds Clovis Oncology, Inc. (Nasdaq: CLVS) ("Clovis" or the "Company") shareholders that a class action lawsuit has been filed on behalf of purchasers of the Company's securities between October 31, 2013 and November 15, 2015 inclusive (the "Class Period").
Clovis shareholders who purchased their securities during the Class Period are reminded that they may, no later than January 19, 2016, petition the Court to be appointed as a lead plaintiff of the class. Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member.
Clovis 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 this action online, please visit http://www.ktmc.com/new-cases/clovis-oncology-inc.
Clovis is a biopharmaceutical company focused on acquiring, developing, and commercializing innovative anti-cancer agents in the United States, Europe and other international markets.
The shareholder complaint alleges that Clovis and certain of its executive officers made a series of false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects to investors during the Class Period. Specifically, the defendants are alleged to have made false and misleading statements and/or failed to disclose the following: (1) that 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) that Clovis' Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (3) that Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) that as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (5) that, as a result of the foregoing, Clovis' NDA was likely to be delayed and/or rejected by the FDA; and (6) that, as a result of the foregoing, the Defendants' statements about Clovis' business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 16, 2015, Clovis issued a press release disclosing that the FDA had requested additional clinical data after the efficacy of one of the Company's drugs, rociletinib (or "CO-1686"), was questioned.
Following this news, shares of Clovis' common stock fell $69.19 per share, or nearly 70 percent, to close on November 16, 2015 at $30.24 per share, on unusually heavy trading volume.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at info@ktmc.com
Clovis shareholders who purchased their securities during the Class Period are reminded that they may, no later than January 19, 2016, petition the Court to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. 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.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
SOURCE: Kessler Topaz Meltzer & Check, LLP
