Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor LLP announce that a federal class action lawsuit has been
filed in the United States District Court for the District of Colorado
against Clovis Oncology, Inc. (“Clovis” or “Company”) (NasdaqGS: CLVS)
and several officers and directors for acts taken during the period of
October 31, 2013 and November 15, 2015 (the “Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and Board of
Directors of Clovis. If you are an affected Clovis shareholder and want
to learn more about the lawsuit or join the action, contact Willie
Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com,
Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com,
or call toll free at (877) 728-9607. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain
provisions of the Securities Exchange Act of 1934. Specifically, the
complaint alleges, among other things, that defendants misrepresented
and/or failed to disclose that: (1) the New Drug Application (“NDA”) the
Company 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; and (5) as a
result of the foregoing, the NDA for rociletinib was likely to be
delayed and/or rejected by the FDA. Clovis issued a press release on
November 16, 2015 disclosing that the FDA had requested additional
clinical data after the efficacy of one of its drugs, rociletinib, was
questioned. On this news, the Company’s stock fell nearly 70%.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
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