Business Wire 7-Dec-2018 3:55 PM
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Trevena, Inc. ("Trevena" or the "Company") (NASDAQ:TRVN) of the December 10, 2018 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 Trevena stock or options between May 2, 2016 and October 8, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/TRVN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of all those who purchased Trevena common stock between May 2, 2016 and October 8, 2018 (the "Class Period"). The case, Tomaszewski v. Trevena, Inc. et al., No. 18-cv-04378 was filed on October 10, 2018 and has been assigned to Judge Cynthia M. Rufe.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by misleading shareholders to believe that its End-of-Phase 2 Meeting with the Food and Drug Administration ("FDA") for its flagship drug, oliceridine, was more successful than it actually was.
Specifically, on October 9, 2018, the FDA released its Briefing Document ahead of its scheduled meeting with Trevena to determine whether oliceridine would be granted approval for commercial use. The Briefing Document revealed that the FDA did not agree with the Company over its proposed dosing in the Phase 3 studies, the proposed primary endpoint, and proposed non-inferiority margin for comparing morphine to oliceridine.
On this news, the Company's stock price fell from $2.98 per share on October 8, 2018 to $1.07 per share on October 9, 2018—a $1.91 or 64.1% 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 Trevena's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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