Lead Plaintiff Deadline is December 10, 2018
NEW YORK, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal class action lawsuit has been filed against Trevena, Inc. (“Trevena or the “Company”) (NASDAQ: TRVN) in the United States District Court for the Eastern District of Pennsylvania on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Trevena securities between May 2, 2016 through October 9, 2018, both dates inclusive (the “Class Period”).
Investors who have incurred losses in the shares of Trevena, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Trevena, Inc., you may, no later than December 10, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Trevena, Inc.
According to the filed Complaint, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Defendants failed to disclose that:
- the United States Food and Drug Administration (“FDA”) had not agreed to key elements of the Company’s Phase 3 trial for oliceridine (TRV130);
- the FDA was unlikely to approve oliceridine (TRV130) based on the Company’s Phase 3 trial; and
- as a result, Trevena’s public statements were materially false and misleading at all relevant times.
The Company is currently developing OLINVO (oliceridine) Injection, touted as a next generation IV analgesic for the management of moderate-to-severe acute pain in the hospital and similar settings and has been granted Breakthrough Therapy designation by the FDA.
After the Company completed a Phase 2 trial of OLINVO, it issued a press release on May 2, 2016, stating that “it has reached general agreement with the FDA on key elements of the Phase 3 program to support a New Drug Application (NDA) for oliceridine.”
On October 9, 2018, it was revealed that the FDA informed the Company at a meeting in 2016, that the FDA “did not agree with the proposed dosing in the Phase 3 studies,” the proposed primary endpoint, or the “proposed non-inferiority (NI) margin for comparing morphine to oliceridine.”
Following this news, shares of Trevena fell more than 64% on October 9, 2018, to close at $1.07 per share.
On October 11, 2018, the Company announced that the FDA denied its New Drug Application for oliceridine.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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