Shareholder Investigation of AVEO
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AVEO Pharmaceuticals, Inc. (AVEO) Accused of Misleading Investors About Approval Prospects for its Lead Drug
According to the complaint against the company for alleged violations of the Securities Exchange Act of 1934 between August 4, 2016 and January 31, 2019, in May 2016, AVEO Pharmaceuticals, Inc. (AVEO) announced the start of its TIVO-3 trial for tivozanib that was designed to address survival concerns from the company’s TIVO-1 trial in 2013. AVEO subsequently announced that tivozanib met its primary endpoint and that the company planned to submit a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) based on the results of the TIVO-3 trial. Unbeknownst to investors, the TIVO-3 trial was inadequately designed and the lack of sufficient survival data would put the drug at risk of delayed FDA approval. On January 31, 2019, Boston Business Journal reported that AVEO would not submit its NDA because the FDA requested additional survival data. On this news, AVEO’s stock fell over 60% to close at $0.70 per share on January 31, 2019, and continues to fall.
AVEO Pharmaceuticals, Inc. (AVEO) Shareholders Have Legal Options
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