CLVS Investors: The Wagner Firm Announces the Filing of a Securities Class Action on Behalf of Clovis Oncology, Inc. Investors

The Wagner Firm announces the filing of a class action lawsuit on behalf of investors of Clovis Oncology, Inc. ("Clovis" or the "Company") (NASDAQ:CLVS) between October 31, 2013 and November 15, 2015, inclusive (the "Class Period"). Injured investors who have suffered losses of over $500,000 are encouraged to contact Avi Wagner, Esquire, of The Wagner Firm, at 310-201-9150 to discuss their legal rights.

Clovis is a biopharmaceutical company that focuses on acquiring, developing, and commercializing innovative anti-cancer agents in the United States, Europe and additional international markets.

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, Defendants made false and/or misleading statements and/or failed to disclose: (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 U.S. Food and Drug Administration (“FDA”) requested additional clinical data after the efficacy of one of the Company’s drugs, rociletinib (or “CO-1686”), was thrown into doubt. Specifically, the Company disclosed that the FDA requested additional clinical data for use in the efficacy analysis for both the 500mg and 625mg BID dose patient groups for rociletinib, and that “as the rociletinib clinical trials were rapidly enrolling, Clovis presented interim data publicly and at medical meetings and this data therefore included a data set based primarily on unconfirmed responses. This was also true of the Company’s Breakthrough Therapy designation submission. In the Company’s NDA submission, both immature confirmed and unconfirmed response analyses were submitted. As the efficacy data have matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected.”

On this news, shares of Clovis fell $69.19 per share, or nearly 70%, to close at $30.24 on November 16, 2015, on unusually heavy trading volume.

Clovis investors have until January 18, 2016 to move the Court to appoint you as lead plaintiff if you meet certain legal requirements. If you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Avi Wagner, Esquire, of The Wagner Firm, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-491-7949, by e-mail at info@thewagnerfirm.com, or visit our website at http://thewagnerfirm.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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