Shareholder rights law firm Robbins Arroyo LLP announces
that a class action complaint was filed in the U.S. District Court for
the District of Colorado. The complaint alleges that officers and
directors of Clovis Oncology, Inc. (NASDAQGS: CLVS) violated the
Securities Exchange Act of 1934 between October 31, 2013 and November
15, 2015, by making materially false and misleading statements about
Clovis' business prospects. Clovis is a biopharmaceutical company that
focuses on acquiring, developing, and commercializing anti-cancer agents
in the U.S., Europe, and internationally.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/clovis-oncology-inc
Clovis Accused of Using Immature Data Related to Its Drug
Rociletinib
According to the complaint, Clovis failed to disclose that the New Drug
Application ("NDA") that it submitted for its drug rociletinib to the
Food and Drug Administration ("FDA") contained immature data sets based
on both unconfirmed response rates and confirmed response rates.
Further, Clovis allegedly did not disclose that its Breakthrough Therapy
designation submission contained immature data sets based primarily on
unconfirmed responses. The complaint also alleges that Clovis presented
interim data publicly and at medical meetings that included a data set
based primarily on unconfirmed responses. Lastly, as the efficacy data
matured, the number of patients with an unconfirmed response who
converted to a confirmed response was lower than expected, and as a
result, Clovis' NDA was likely to be delayed or rejected by the FDA.
On November 16, 2015, Clovis issued a press release disclosing that the
FDA requested additional clinical data after the efficacy of rociletinib
was thrown into doubt. Specifically, the FDA requested data for use in
the efficacy analysis for both the 500mg and 625mg BID dose patient
groups for rociletinib. On this news, Clovis stock fell $69.19 per
share, or nearly 70%, to close at $30.24 on November 16, 2015.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151120006024/en/
Copyright Business Wire 2015