Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Correvio Pharma Corp. (“Correvio” or the “Company”) (NASDAQ:CORV) of the February 10, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Correvio stock or options between October 23, 2018 and December 5, 2019 and would like to discuss your legal rights, click here:www.faruqilaw.com/CORV. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll freeat 877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Correvio securities between October 23, 2018 and December 5, 2019 (the “Class Period”). The case, Feierstein v. Correvio Pharma Corp. et al, No. 19-cv-11361 was filed on December 12, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the data supporting the Resubmitted NDA for Brinavess did not minimize the significant health and safety issues observed in connection with the drug’s original NDA; (2) the foregoing substantially diminished the likelihood that the FDA would approve the Resubmitted NDA; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On December 6, 2019, FDA staffers reviewing Brinavess announced that they did not believe that the drug’s benefits outweighed its risks. Specifically, the FDA noted that Brinavess was associated with “serious liabilities” including low blood pressure, irregular heartbeats in the lower heart chambers, and death.
On this news, Correvio’s stock price fell from $2.16 per share on December 5, 2019 to a closing price of $1.30 per share on December 6, 2019—a $0.86 or 39.81% drop.
Then, on December 10, 2019, during pre-market hours, the Nasdaq Stock Market (“NASDAQ”) suspended trading in Correvio securities in anticipation of the FDA’s Cardiovascular and Renal Drugs Advisory Committee’s (“RDAC”) review and discussion of the Resubmitted NDA. Finally, just before market-close that day, the RDAC voted 11-2 against approval of the Resubmitted NDA, noting that Brinavess’s benefit-risk profile was not adequate to support approval.
On this news, Correvio’s stock price fell from $1.40 per share on December 10, 2019 to a closing price of $0.46 per share on December 11, 2019—a $0.94 or 67.14% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Correvio’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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