The Shareholders Foundation announces that an investigation on behalf of investors in shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) was launched over potential breaches of fiduciary duties that caused damages to the company and NASDAQ:AVEO stockholders.
Investors who are current long term investors in AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) stocks follows a lawsuit that was filed recently against AVEO Pharmaceuticals, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:AVEO stocks concerns whether certain AVEO Pharmaceuticals officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of Massachusetts the plaintiff alleges that AVEO Pharmaceuticals, Inc. violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that defendants allegedly conditioned investors to believe that the Company’s drug Tivopath or tivozanib, would receive approval from the U.S. Food and Drug Administration (“FDA”) through a host of materially allegedly false and misleading statements regarding its Phase III (“TIVO-1”) trial design and results.
On May 2, 2013, AVEO Pharmaceuticals, Inc. announced that a Food and Drug Administration panel recommended its drug Tivopath not be approved as a treatment for advanced kidney cancer. AVEO Pharmaceuticals, Inc. and Astellas Pharma Inc. said that the U.S. Food and Drug Administration’s Oncologic Drugs Advisory Committee voted that the application for investigational agent tivozanib did not demonstrate a favorable benefit-to-risk evaluation for the treatment of advanced renal cell carcinoma (RCC) in an adequate and wellcontrolled trial (13 to 1, 0 abstentions).
Shares of AVEO Pharmaceuticals, Inc. dropped from $5.60 per share on May 1, 2013, to $1.24 per share on April 28, 2014.
Those who purchased shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com