Robbins Arroyo LLP: Clovis Oncology, Inc. (CLVS) Misled Shareholders According to a Recently Filed Lawsuit
November 17 2016 - 7:51PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
lawsuit was filed against Clovis Oncology, Inc. (NASDAQGS: CLVS) in
the Supreme Court of the State of New York, County of New York. The
complaint is brought for alleged violations of the Securities Act
of 1933 by Clovis's officers and directors. Clovis, a
biopharmaceutical company, focuses on acquiring, developing, and
commercializing anti-cancer agents in the United States, Europe,
and internationally.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/clovis-oncology-inc-nov-2016
Clovis Accused of Overstating the Efficacy of Its
Drug
According to the complaint, Clovis officials made false,
incomplete, and misleading statements concerning test data which
purportedly showed the efficacy and safety of Clovis's lung cancer
drug – rociletinib. It was imperative for Clovis to be able to show
that rociletinib was at least as safe and effective as Tagrisso—the
treatment of its competitor, AstraZeneca. Shortly after AstraZeneca
released data showing Tagrisso was safe and effective, Clovis
released test data claiming rociletinib was just as safe and
effective, causing the company's stock price to increase. Then, on
May 31, 2015, at the American Society of Clinical Oncology Medical
Conference, Clovis claimed that it had observed an objective
response rate ("ORR") of 60% for rociletinib, which represented the
percentage of patients who experienced a clinically meaningful
tumor shrinkage when treated with the drug.
However, on November 16, 2015, Clovis disclosed that the
rociletinib ORR that it had previously reported was "based
primarily on unconfirmed responses" and that rociletinib's ORR
based on confirmed responses was just 30%. On April 8, 2016, the
U.S. Food and Drug Administration revealed that Clovis had
concealed that rociletinib was not well tolerated, and that serious
adverse events were reported in 47% of patients treated with the
drug. On this news, Clovis's stock fell 17% to close at $15.77 per
share on April 8, 2016.
Clovis Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20161117006477/en/
Robbins Arroyo LLPDarnell R. Donahue619-525-3990 or Toll Free
800-350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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