Shareholders Foundation, Inc.

Avanir Pharmaceuticals Inc (NASDAQ:AVNR) Investor Investigation over Potential Breaches of Fiduciary Duties

An investigation for investors in shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) over potential wrongdoing by certain officers and directors was announced and current long-term NASDAQ:AVNR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
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San Diego, CA -- (SBWIRE) -- 12/18/2013 -- An investigation on behalf of investors in shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) was announced concerning whether certain Avanir Pharmaceuticals officers and directors possibly breached their fiduciary duties in connection with certain statements.

Investors who purchased shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554

The investigation by a law firm concerns, among other things, whether certain Avanir Pharmaceuticals officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls.

On Sept. 11, 2013, a report was published that alleged that Avanir Pharmaceuticals Inc “has engaged in illegal off-label marketing of Nuedexta and that off-label prescriptions have generated a significant portion of AVNR's Nuedexta revenue to date”. Furthermore, the report stated that Avanir Pharmaceuticals “could face over $100mm in fines and penalties and see its Nuedexta sales plummet following a potential government investigation”. Shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) declined on Sept. 11, 2013, to as low as $4.49 per share.

On December 10, 2013, Avanir Pharmaceuticals Inc reported financial results for the three and twelve-months ended September 30, 2013 and announced results for phase II PRIME Study. Avanir Pharmaceuticals said that PRIME, its phase II clinical trial of the investigational drug AVP-923 (dextromethorphan / quinidine) for the treatment of central neuropathic pain in patients with multiple sclerosis did not meet the primary efficacy endpoint. Shares of Avanir Pharmaceuticals Inc declined from $4.34 per share on December 10, 2013, to $2.68 per share on December 17, 2013.

Those who purchased shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR), 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