SOURCE: Kessler Topaz Meltzer & Check, LLP

December 09, 2015 19:01 ET

Clovis Oncology, Inc. Shareholder Alert: Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Against Clovis Oncology, Inc. -- CLVS

RADNOR, PA--(Marketwired - December 09, 2015) - The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed in United States District Court for the District of Colorado against Clovis Oncology, Inc. (NASDAQ: CLVS) ("Clovis" or the "Company") on behalf of purchasers of the Company's securities between October 31, 2013 and November 15, 2015, inclusive (the "Class Period").

For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/clovis-oncology-inc.

Clovis shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.

Clovis is a biopharmaceutical company focused on acquiring, developing, and commercializing innovative anti-cancer agents in the United States, Europe and other international markets.

The shareholder complaint alleges that Clovis and certain of its executive officers made a series of false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects to investors during the Class Period. Specifically, the defendants are alleged to have made false and misleading statements and/or failed to disclose the following: (1) that the New Drug Application ("NDA") that Clovis submitted to the FDA for rociletinib contained immature data sets based on both unconfirmed response rates and confirmed response rates; (2) that Clovis' Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (3) that Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) that as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (5) that, as a result of the foregoing, Clovis' NDA was likely to be delayed and/or rejected by the FDA; and (6) that, as a result of the foregoing, the Defendants' statements about Clovis' business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On November 16, 2015, Clovis issued a press release disclosing that the FDA had requested additional clinical data after the efficacy of one of the Company's drugs, rociletinib (or "CO-1686"), was questioned.

Following this news, shares of Clovis' common stock fell $69.19 per share, or nearly 70 percent, to close on November 16, 2015 at $30.24 per share, on unusually heavy trading volume.

Clovis shareholders who purchased their securities during the Class Period may, no later than January 19, 2016, petition the Court for appointment as a lead plaintiff of the class.

A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 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.

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.

Contact Information

  • CONTACT:

    Kessler Topaz Meltzer & Check, LLP
    Darren J. Check, Esq.
    D. Seamus Kaskela, Esq.
    Adrienne O. Bell, Esq.
    280 King of Prussia Road
    Radnor, PA 19087
    (888) 299-7706
    (610) 667-7706
    Email contact