Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against Clovis Oncology, Inc.
November 20, 2015
Bernstein Liebhard LLP today announced that a securities class action has been filed in the United States District Court for the District of Colorado on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Clovis Oncology, Inc. (“Clovis” or the “Company”) (NASDAQ: CLVS) between October 31, 2013 and November 15, 2015, inclusive (the “Class Period”). The complaint charges Clovis and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
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.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the New Drug Application (“NDA”) that Clovis submitted to the U.S. Food and Drug Administration (“FDA”) for cancer drug rociletinib contained immature data sets based on both unconfirmed response (tumor reduction) rates and confirmed response rates; (2) Clovis’ Breakthrough Therapy designation submission contained immature data sets 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) also as a result of the foregoing, Defendants’ statements about Clovis’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 16, 2015, Clovis 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. Clovis shares plummeted almost 70% on the news, which erased almost $2 billion dollars in market capitalization.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Clovis securities during the Class Period. If you invested in Clovis securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than January 18, 2016.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Colorado.