NEW YORK, Nov. 20, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of all persons or entities that purchased the securities of Clovis Oncology, Inc. (“Clovis” or the “Company”) (Nasdaq:CLVS) between October 31, 2013 and November 15, 2015, inclusive (“Class Period”). The Complaint alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers.
The Complaint further alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) 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) 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) as a result of the foregoing, Defendants’ statements about Clovis’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must move the Court no later than January 19, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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