NEW YORK, July 30, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds investors that securities class actions have been filed in the United States District Court for the Northern District of California on behalf of purchasers of Avalanche Biotechnologies, Inc. ("Avalanche" or the "Company") (Nasdaq:AAVL) securities: (1) pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with the Company's initial public offering on or about July 31, 2014; and/or (2) on the open market between July 31, 2014 and June 15, 2015, both dates inclusive (the "Class Period"). The lawsuits seek to recover damages for Avalanche investors under the federal securities laws.
If you purchased Avalanche securities during the Class Period, you may, no later than September 8, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported 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.
If you want more information about the Avalanche Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
Avalanche is a biotechnology company that uses its proprietary Ocular BioFactory™ platform for discovering and developing novel medicines with the potential to offer therapeutic benefit. Avalanche's focus is to develop treatment to combat Age-Related Macular Degeneration ("AMD") which is a progressive disease affecting the retinal cells in the macula, the region of the eye responsible for central vision.
Avalanche is developing and studying its lead product, AVA-101, which is a single subretinal injection to treat Wet AMD. It is designed to inhibit the formation of new blood vessels and reduce vascular permeability. Avalanche recently completed Phase 2a of its clinical study for AVA-101.
The Complaints allege that defendants made materially false and/or misleading statements and failed to disclose that Phase 2a of the AVA-101 study was not designed to show any statistical significance between the active and control groups in the secondary endpoints. When the true details entered the market, the lawsuit claims that investors suffered damages.
On June 15, 2015, after the market closed, the Company announced the results from the Phase 2a trial of its gene therapy treatment for wet age-related macular degeneration, AVA-101. Although AVA-101 met its primary endpoint of safety as measured by number of complications in a year compared with placebo, its secondary efficacy measures were disappointing. Moreover, the Company announced that the study was not designed to show statistically significant differences in secondary endpoints.
Following this news, shares of Avalanche declined $21.83 per share, over 56%, to close on June 16, 2015, at $17.05 per share, on unusually heavy volume.
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