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WASHINGTON, Aug. 12, 2015 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Avalanche Biotechnologies, Inc. ("Avalanche" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Avalanche is a biotechnology company that focuses on developing treatment for Age-Related Macular Degeneration ("AMD"), a progressive disease affecting the retinal cells in the macula, the region of the eye responsible for central vision. Wet AMD is the advanced form of AMD where blood vessels invade the cellular space between layers of cells in the retina which can result in fluid and blood in the retina causing vision loss. Avalanche's lead product AVA-101 is a single sub-retinal injection to treat Wet AMD. Avalanche recently completed Phase 2a of its clinical study for AVA-101.
A class action lawsuit was filed in the U.S. District Court for the Northern District of California by another law firm on behalf of purchasers of the common stock of Avalanche Biotechnologies, Inc. (NASDAQ:AAVL) between July 31, 2014 and June 15, 2015, inclusive (the "Class Period").
The complaint alleges that Avalanche and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose material information about Phase 2a of the AVA-101 study, including that: (1) the trial was not designed to show statistically significant differences between the active and control subjects in the secondary endpoints; (2) the drug showed little improvement in visual acuity above baseline; (3) retinal thickness actually increased among the treatment group; and (4) the trial was improperly designed.
After the market closed on June 15, 2015, the Company released the AVA-101 Phase 2a results. The complaint alleges that although the Company characterized the outcome of the study as positive, the results did not support the efficacy of the drug. The next day the Company's stock fell $21.83 per share, or over 56%, to close at $17.05 per share on June 16, 2015.
Cohen Milstein encourages all investors who purchased Avalanche common stock between July 31, 2014 and June 15, 2015, or former employees with information concerning this matter to contact the firm.
If you are an Avalanche shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than September 8, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org
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