An investigation on behalf of current long term investors in Avalanche Biotechnologies Inc (NASDAQ:AAVL) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:AAVL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/26/2015 -- An investigation on behalf of current long-term investors in shares of Avalanche Biotechnologies Inc (NASDAQ:AAVL) was announced concerning potential breaches of fiduciary duties by certain Avalanche Biotechnologies directors and officers.
Shares of Avalanche Biotechnologies Inc (NASDAQ:AAVL) declined from $41.30 per share on June 15, 2015, to as low as $9.36 per share on August 14, 2015.
Investors who are current long term investors in Avalanche Biotechnologies Inc (NASDAQ:AAVL) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:AAVL stocks follows a lawsuit filed recently against Avalanche Biotechnologies Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:AAVL stocks, concerns whether certain Avalanche Biotechnologies 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 Northern District of California the plaintiff alleges the defendants violated Federal Securities Laws. The plaintiff claims that the defendants made certain allegedly materially false and/or misleading statements and allegedly 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 and that when the true details entered the market, investors suffered damages.
On June 15, 2015, Avalanche Biotechnologies Inc announced phase 2a results for AVA-101 in Wet Age-Related Macular Degeneration. Avalanche Biotechnologies Inc announced that its Phase 2a clinical study for AVA-101 met its 12-month primary endpoint, based on ophthalmic and systemic safety, demonstrating that AVA-101 was well tolerated with a favorable safety profile in subjects with wet age-related macular degeneration (wet AMD). However, in a conference call to discuss Phase 2 clinical trial results, Avalanche Biotechnologies Inc indicated that the study wasn't designed to show statistically significant differences between active and control groups.
Those who purchased NASDAQ:AAVL shares have certain options and should contact the Shareholders Foundation.
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